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Your financial adviser recommends buying a 10-year bond with a face value of $1,000 and an annual coupon of $40. The current interest rate is
Your financial adviser recommends buying a 10-year bond with a face value of $1,000 and an annual coupon of $40. The current interest rate is 6 percent. What might you expect to pay for the bond (aside from brokerage fees)? Instructions: Enter your response rounded to the nearest penny (two decimal places)
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