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Imperial Oil decides to raise $500 million by issuing 7-year semi-annual bonds that pay interest of 3.5% per year. If the face value is $1,000

Imperial Oil decides to raise $500 million by issuing 7-year semi-annual bonds that pay interest of 3.5% per year. If the face value is $1,000 and the current yield is 4%, what is the market price of the bond?

do not use excel please and show all steps

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