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What is the price of the bond

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Reference no: EM133109923

The Morgan Corporation has issued a bond with a face value of $20,000 which matures in 20 years. The bond makes no payments for the first 6 years, then pays $600 every 6 months over the subsequent 8 years, and finally pays $1,400 every 6 months over the last 6 years. If the required return on this bond is 6.0% compounded semi-annually, what is the price of the bond?

Reference no: EM133109923

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