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Your client is considering the purchase of a bond. You have been asked to calculate the price of the outstanding bond. The bond pays a

Your client is considering the purchase of a bond. You have been asked to calculate the price of the outstanding bond. The bond pays a 6% coupon rate and has 10 years left until maturity. Coupons are paid semi-annually. What would you advise your client as the most they would be willing to pay if they require an 8% return on their investment?

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