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Jeremy Kohn is planning to invest in a 7-year bond that pays a 12 percent coupon. The current market rate for similar bonds is 8

Jeremy Kohn is planning to invest in a 7-year bond that pays a 12 percent coupon. The current market rate for similar bonds is 8 percent. Assume semiannual coupon payments. What is the maximum price that should be paid for this bond? (Do not round intermediate computations. Round your final answer to the nearest dollar.) $1,000 $951 $1,211 $1188

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