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U.S. corporate bonds pay seminannual coupons. Suppose a corporate bond that matures in 13 years with a 7% coupon rate has a yield of 6.2%.

U.S. corporate bonds pay seminannual coupons. Suppose a corporate bond that matures in 13 years with a 7% coupon rate has a yield of 6.2%. Given a face value of $100, what is the bond's price? (Round to nearest $0.01)

ANSWER IS 107.07

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