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An investor bought a 15−year bond with par value of 100,000 and 8% semiannual coupons. The...

An investor bought a 15−year bond with par value of 100,000 and 8% semiannual coupons. The bond is callable at par on any coupon date beginning with the 24th coupon. Find the highest price paid that will yield the rate of no less that

i(2) = 10%.

NO EXCEL PLEASE

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