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Please Do not give EXCEL Solution. A 1000 par value 10-year bond with semiannual coupons and redeemable at 1100 is purchased at 1135 to yield

Please Do not give EXCEL Solution.

A 1000 par value 10-year bond with semiannual coupons and redeemable at 1100 is purchased at 1135 to yield 12% convertible semiannually. The first coupon is X. Each subsequent coupon is 4% greater than the preceding coupon. Determine X.

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