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You buy a 6% coupon bond that pays coupons semi-annually. (Keep in mind the coupon rate is quoted as an annual rate). Annual interest rates

You buy a 6% coupon bond that pays coupons semi-annually. (Keep in mind the coupon rate is quoted as an annual rate). Annual interest rates are 8% and there will be semi- annual compounding due to the semi-annual payments. The bond matures 10 years from now and has a par value of $1,000. What is the value of this bond? DO NOT USE EXCEL TO SHOW YOUR WORK

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