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ECON 471 Financial Markets and Institutions Practice Problems A $1,000 face value bond has semi-annual coupons, 30 years until maturity, a stated annual coupon rate

ECON 471 Financial Markets and Institutions Practice Problems

A $1,000 face value bond has semi-annual coupons, 30 years until maturity, a stated annual coupon rate of 3.4 percent, and a stated annual yield of 4 percent. Calculate the current market price of this bond. Round your answer to the nearest cent.

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