How much should you be willing to pay for the bond, Finance Basics

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How much should you be willing to pay for the bond

Problem

You are considering a 10-year, $1,000 par value bond. Its coupon rate is 10%, and interest is paid semiannually. If you require an "effective" annual interest rate (not a nominal rate) of 7.1225%, how much should you be willing to pay for the bond? Do not round intermediate calculations.

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