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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

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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 8 85 percent nominal yield to maturity on this investment, what is the maximum pnce you should be willing to pay for the bond

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