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Exactly 20 years ago, the State of New York issued a bond with a 30-year maturity, a 10% coupon, and a face value of $1
Exactly 20 years ago, the State of New York issued a bond with a 30-year maturity, a 10% coupon, and a face value of $1 million. The bond pays interest every six months. If the current market interest rate is 7%, how much is the bond worth today?
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