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You are told that a $1000 n -year bond with semi-annual coupons at j 2 = 8%, redeemable at par, will be sold for $700

You are told that a $1000 n-year bond with semi-annual coupons at j2 = 8%, redeemable at par, will be sold for $700 to an investor who wishes to yield j2 = 12%. If the coupon rate was changed to j2 = 11%, what price would this investor pay for the bond? (Answer to the nearest dollar)

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