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Question - Today is 1 July 2020. Sadeep is planning to purchase a corporate bond with a coupon rate of jj2 = 1.13% p.a. and face value of 1000. This corporate bond matures at par. The maturity date is 1 July 2022. The yield rate is assumed to be 2 = 5.91% p.a. Assume that this corporate bond has a 3.47% chance of default in the first six-month period (i.e., from 1 July 2020 to 31 December 2020) and this corporate bond has a 3.23% chance of default in any six-month period during the term of the bond except the first six-month (i.e., 3.23% chance of default in any six-month from 1 January 2021 to 1 July 2022). Assume also that, if default occurs, Sadeep will receive no further payments at all. Calculate the purchase price of this corporate bond. Round your answer to two decimal places.
Define fund as the term is used in governmental accounting.
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