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You are considering a 1 3 - year, $ 1 , 0 0 0 par value bond. Its coupon rate is 1 0 . 5

You are considering a 13-year, $1,000 par value bond. Its coupon rate is 10.50%, and interest is paid semiannually. If you require an "effective" annual interest rate of 10.90%, how much should you be willing to pay for the bond?
$972.54
$972.86
$1,000.00
$991.87
$991.77
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