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Joan wants to buy a bond. The bond she is looking at has a par value...

Joan wants to buy a bond. The bond she is looking at has a par value of $1000 with an annual coupon rate of 10%. There are 5 years to maturity. The current market yield to maturity for these bonds is 12% annually. If the coupon is paid twice a year (semiannual) what should she pay for this bond?

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