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q8 please A $1000 10-year bond is purchased at a price P to yield j 2 = 5%. The bond pays semi-annual coupons at j

q8 please

A $1000 10-year bond is purchased at a price P to yield j₂= 5%. The bond pays semi-annual coupons at j₂ = 6% and is redeemable at 105.

Calculate P. (Answer to nearest dollar)

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