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A 5%, 20-year bond was issued 15 years ago. Coupon payments are being made eac...
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A 5%, 20-year bond was issued 15 years ago. Coupon payments are being made each August 1st and February 1st. New bonds having a similar bond rating and other features are now being issued at 3%, also with semi-annual payments. The clean price of the bond is closest to:
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