7. A company purchased a $1,000 par value bond with 8 years remaining until maturity...
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7. A company purchased a $1,000 par value bond with 8 years remaining until maturity on 1 April 2021. The coupon rate of the bond is 5.5%, but interest rates have gone up since the bond was issued and the current YTM for the bond is 6.40%. The bond pays interest on a semiannual basis. How much did the company pay for the bond on 1 April 2021
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