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You are considering a 10 -year, $1,000 par value bond. Its coupen rate is 8$6, and interest is paid semannuanly. If you require an effective

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You are considering a 10 -year, $1,000 par value bond. Its coupen rate is 8$6, and interest is paid semannuanly. If you require an "effective" annual interet rate (not a nominal rate) of 8.6930%, how much should you be willing to nay for the bond? Do not round intermedate calculations. Round vour ansner to the nearest cent. 5

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