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You are considering buying a semi-annual coupon bond with a stated coupon rate of 14 % (note that the stated rate is in annual terms).

You are considering buying a semi-annual coupon bond with a stated coupon rate of 14 % (note that the stated rate is in annual terms). There are 23 years to maturity remaining on it. Your required rate of return is 13.0 % per year, How much should you be willing to pay for this bond?

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