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Without using excel and with real computations please answer this question by showing the different steps and calculations: Bond A Bond B Face Value $1000

Without using excel and with real computations please answer this question by showing the different steps and calculations:

	Bond A	Bond B
Face Value	$1000	$1000
Semiannual Coupon	$50	$40
Years to maturity	25	25
Price	115000	?

Exercise 3:

If the following bonds are identical except for coupon, what is the price of bond B?

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