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The yield to maturity of a $ 1 , 0 0 0 bond with a 6 . 5 % coupon rate, semiannual coupons, and two

The yield to maturity of a $

1, 000

bond with a

6.5 %

coupon rate, semiannual coupons, and two years to

maturity is

8.5 %

APR, compounded semiannually. What is its price?

The price of the bond is $

. (

Round to the nearest cent.

)

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