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Assume you are considering the purchase of a 20-year, non-callable bond issued 4 years ago with a coupon rate of 8.5%. The bond has a

Assume you are considering the purchase of a 20-year, non-callable bond issued 4 years ago with a coupon rate of 8.5%. The bond has a face value of $1,000, and it makes semiannual interest payments. If you require a 6.4% nominal yield to maturity on this investment, what is the maximum price you should be willing to pay for the bond? Please show work!

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