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Problem 7.16 Question 16 of 18 Check My Work Click here to read the eBook: Bond Valuation BOND VALUATION You are considering a 20-year, $1,000

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Problem 7.16 Question 16 of 18 Check My Work Click here to read the eBook: Bond Valuation BOND VALUATION You are considering a 20-year, $1,000 par value bond. Its coupon rate is 10%, and interest is paid semiannually. If you require an "effective" annual interest rate (not a nominal rate of 8.17% how much should you be willing to pay or the bond? Do not ro und n ermediate steps Round your answer to the nearest cent

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