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You are considering buying a 10-year bond with a face value of $5,000. It pays a rate of 3% of the face value semiannually.

You are considering buying a 10-year bond with a face value of $5,000. It pays a rate of 3% of the face value semiannually. How much would you be willing to pay for the bond now if you want a nominal annual yield of 10%, compounded semiannually, and you plan to keep it until maturity? ?

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