A 10-year bond with a face value of 1000 earns interest at


A 10-year bond with a face value of $1000 earns interest at 9.9% convertible semiannually. If the bond sells for $1245.44 to yield an investor 7.7% convertible semiannually, what is the redemption value?

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Financial Management: A 10-year bond with a face value of 1000 earns interest at
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