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Please do not solve in excel and instead solve by hand. Please include each step. 7. A 7% bond maturing in 8 years with semiannual

Please do not solve in excel and instead solve by hand. Please include each step.

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7. A 7% bond maturing in 8 years with semiannual coupons to yield 6% convertible semiannually is to be replaced by a 6.5% bond yielding the same return. Assuming that both bonds have the same price, yield rate and face amount, in how many years should the new bond mature

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