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Suppose a bond has the follow characteristics: 1. Yield to maturity: 3.5% APR 2. Coupons paid out quarterly 3. Matures 7 years after today 4.

Suppose a bond has the follow characteristics:

1. Yield to maturity: 3.5% APR

2. Coupons paid out quarterly

3. Matures 7 years after today

4. Face value = $1,000

5. Current price: $1024.00

What is the quarterly coupon payment?

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