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P3. Assume that you are considering the purchase of a 20-year bond with an annual coupon rate of 9.5%. The bond has a face value

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P3. Assume that you are considering the purchase of a 20-year bond with an annual coupon rate of 9.5%. The bond has a face value of $1000, and it makes semi-annual interest payments. If you require an 10.7% nominal yield to maturity on this investment, what is the price you should pay for the bond

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