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Irene purchases a $1000 par value bond with 8% annual coupons, redeemable at par, and with the condition that redemption can take place at the

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Irene purchases a $1000 par value bond with 8% annual coupons, redeemable at par, and with the condition that redemption can take place at the end of the 5th through the 10th year from issue. Find the maximum price Irene should pay if she is wishing to make a minimum yield of 3%. Possible Answers A 1229 B 1270 1351 D 1389 E 1427

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