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Many years ago, Castles in the Sand Incorporated issued bonds at face value at a yield to maturity of 6 . 6 % . Now,

Many years ago, Castles in the Sand Incorporated issued bonds at face value at a yield to maturity of 6.6%. Now, with 6 years left until the maturity of the bonds, the company has run into hard times and the yield to maturity on the bonds has increased to 13%. What is now the price of the bond? (Assume semiannual coupon payments.)

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