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Consider the following investment opportunity: a $15,000 bond with a coupon rate of 9%, interest is payable semiannually, and the bond matures in 20 years.

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Consider the following investment opportunity: a $15,000 bond with a coupon rate of 9%, interest is payable semiannually, and the bond matures in 20 years. How much should you be willing to pay for such a bond if you desire to make an effective 14% per year. Ignore the impacts of taxation

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