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You wish to purchase a 20-year bond that has a maturity value of $1000 and makes semi-annual interest payments of $40. If you require a

You wish to purchase a 20-year bond that has a maturity value of $1000 and makes semi-annual interest payments of $40. If you require a 10% yield to maturity on this investment, what is the maximum price you would pay for the bond?

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