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Smith purchases a 2 0 - year , 8 % , 1 0 0 0 bond with semiannual coupons. The purchase price will give a

Smith purchases a 20-year ,8%,1000 bond with semiannual coupons. The purchase price will give a nominal annual yield to maturity, of 10%. After the 30 th coupon, Smith sells the bond. At what price did he sell the bond if his actual nominal annual yield is 12%.(Hint: Recall the definition of yield rate given in Chapter 3.)
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