What is the maximum price that you would pay up for a series of A-rated debentures (i.e., corporate bonds) each with a face value of $1000, that promise to pay 31 more semi-annual coupons of $19.25 each at a yield to maturity of 3.12%? Please show how you arrive at your result. (This is a test to see if you understand the inverse relationship between interest rates and bond prices.)
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