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You purchase a bond with an invoice price (dirty price) of $948. The bond has a coupon rate of 5.9 percent, and there are four

You purchase a bond with an invoice price (dirty price) of $948. The bond has a coupon rate of 5.9 percent, and there are four months to the next semiannual coupon date. What is the clean price of the bond? Hint: since we have a semiannual coupon bond, the coupon payment per six months is one-half of the annual coupon payment. There are four months until the next coupon payment, thus two months out of six months can be used for accrued interest calculation. Face value of the bond is $1,000.

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