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General Electric has just issued a bond with the following characteristics: Face value: $1,000 Time to maturity: 20 years Coupon rate: 8% Semiannual payments What

General Electric has just issued a bond with the following characteristics:

Face value: $1,000 Time to maturity: 20 years

Coupon rate: 8%

Semiannual payments

What is the price of the bond if the market interest rate is 6.5%?

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