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What if I created a financial instrument which offered interest once every 2 years? To explore the idea further, you decide to use the following

What if I created a financial instrument which offered interest once every 2 years?

To explore the idea further, you decide to use the following fictional data:

Coupon rate = 10% paid once every two years Time to maturity = 5 years Market rate of interest = 8% p.a. Maturity value = $1,000

What would be the price of this financial instrument today?

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