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The yield to maturity of a $ 1 , 0 0 0 bond with a 6 . 8 % coupon rate, semiannual coupons, and two

The yield to maturity of a

1, 000

bond with a

6.8 %

coupon

rate, semiannual

coupons, and two years to maturity is

7.7 %

APR

,

compounded semiannually. What is its

price?

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