How much should you be willing to pay for this bond

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Reference no: EM131447633

You intend to purchase a 15-year, $1,000 face value bond that pays interest of $55 every 6 months. If your nominal annual required rate of return is 12.0 percent with semiannual compounding, how much should you be willing to pay for this bond? What is the bond value? Please show detail of work so I can follow and understand.

Reference no: EM131447633

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