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On March 1, 2010 Joy paid X dollars to acquire a portfolio of six 1,000-dollar par-value bonds. All the bonds had annual coupons. The portfolio

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On March 1, 2010 Joy paid X dollars to acquire a portfolio of six 1,000-dollar par-value bonds. All the bonds had annual coupons. The portfolio consisted of three 12 percent bonds with redemption dates of March 1, 2012, 2014, and 2016 and three 10 percent bonds with redemption dates of March 1, 2013, 2015, and 2017. Assume the yield rate is 0.094. Find the value X

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