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Janice wants to earn at least a 4.50% yield on a callable corporate bond. The bond will mature in 20-years, has a coupon rate of

Janice wants to earn at least a 4.50% yield on a callable corporate bond. The bond will mature in 20-years, has a coupon rate of 7.00% with semi-annual payments, and a face value of $1,000. Janice expects the bond to be called in 7 years at a call price of $1,050. What is the maximum price she should pay for this bond to earn the 4.50% yield?

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