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You intend to purchase a 10-year, $1,000 face value bond that pays interest of $50 every 6 months. If your simple annual required rate of

You intend to purchase a 10-year, $1,000 face value bond that pays interest of $50 every 6 months. If your simple annual required rate of return is 12 percent with semiannual compounding, how much should you be willing to pay for this bond?

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