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Promises, Incorporated has issued a 10-year, semiannual, level-coupon bond that has a coupon rate of 18%. The bond is priced to offer an effective annual

Promises, Incorporated has issued a 10-year, semiannual, level-coupon bond that has a coupon rate of 18%. The bond is priced to offer an effective annual rate (i.e., true yield) of 14% and sells for $1,212 per $1,000 of principal value. How much interest will this bond pay every six months (per $1,000 of principal value)?

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