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Assume that you wish to purchase a 12-year bond that has a

Assume that you wish to purchase a 12-year bond that has a maturity value of $1,000 and a coupon interest rate of 11%, paid semiannually. If you require a 7.6% rate of return on this investment (YTM), what is the maximum price that you should be willing to pay for this bond? That is, solve for PV.

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Finance Basics: Assume that you wish to purchase a 12-year bond that has a

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