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You intend to purchase a 5-year, $3,000 face value bond. The coupon rate of this bond is 10%. If your nominal annual required rate of

You intend to purchase a 5-year, $3,000 face value bond. The coupon rate of this bond is 10%. If your nominal annual required rate of return (nominal market interest) is 8 percent and the bond pays coupon semiannually, how much should you be willing to pay for this bond at the end of the second year? (Answer is rounded)

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