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Matthew is interested in a 30-year 7.625% $50,000 bond redeemable at par and has semiannual coupons. Immediately after receiving the coupons, he can reinvest them

Matthew is interested in a 30-year 7.625% $50,000 bond redeemable at par and has semiannual coupons. Immediately after receiving the coupons, he can reinvest them at a nominal annual interest rate of 6% compounded monthly.

Determine the price that Matthew should pay if he wants to realize a yield rate of 8% over the 30-year period.

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