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Suppose you buy a 20-year bond that pays a 5% coupon for the first 8 years and a 6% coupon for the last 12 years.

Suppose you buy a 20-year bond that pays a 5% coupon for the first 8 years and a 6% coupon for the last 12 years. The YTM of this bond is 7%. What is the price of the bond?

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