You consider purchasing a 25-year 1000 par value bond with semi-annual coupons at a nominal rate of 6% convertible semi-annually with a yield of 10%. The bond can be called at:

1200 on any coupon date from the end of year 18 to the end of year 20

1300 on any coupon date from the end of year 21 to the end of year 25

What is the maximum price you should pay for the bond ?

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