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Please show work/formula to better understand. Thank you. A corporate bond has 22 years to maturity, a face value of $1,000, a coupon rate of

Please show work/formula to better understand. Thank you.

A corporate bond has 22 years to maturity, a face value of $1,000, a coupon rate of 5.4% and pays interest semiannually. The annual market interest rate for similar bonds is 3.2%. Part 1 Attempt 4/5 for 10 pts. What is the value of the bond

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