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Suppose you require an annual interest rate of 7% from all your bond investments. You plan to purchase the following bond and hold on to

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Suppose you require an annual interest rate of 7% from all your bond investments. You plan to purchase the following bond and hold on to it till maturity. Coupon Rate: 7.8% Maturity Date: 10/15/2047 Par value: $1,000 What should be the maximum price you pay for it now (i.e., 10/15/2020) so that you earn no less than the required 7% per year

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