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Assume that you are considering the purchase of a 20 year, noncallable bond with an annual coupon rate of 8.60 percent The bond has a

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Assume that you are considering the purchase of a 20 year, noncallable bond with an annual coupon rate of 8.60 percent The bond has a face value of $1,000, and it makes semiannual interest payments. If you require an 9.10 percent nominal yield to maturity on this investment, what is the maximum price you should be willing to pay for the bond

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