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Jay is considering the purchase. A Builtrite, $1000 par, 6 5/8%, coupon rate, 5 year. Maturity bond in which is selling for 975. If jays

Jay is considering the purchase. A Builtrite, $1000 par, 6 5/8%, coupon rate, 5 year. Maturity bond in which is selling for 975. If jays required rate of return is 6%.

What would he be willing to pay for the bond?

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