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You'd like to buy a 2 5 year, noncallable bond with an annual coupon rate of 8 . 4 % paid semi - annually. The

You'd like to buy a 25 year, noncallable bond with an annual coupon rate of 8.4% paid semi-annually. The bond has a par value of $1,000. If you require an 7.25% nominal yield to maturity on this investment, wh should you be willing to pay for the bond?

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