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A $1,000 bond had a coupon rate of 5.20% with interest paid semi-annually. Ian purchased this bond when there were 9 years left to maturity

A $1,000 bond had a coupon rate of 5.20% with interest paid semi-annually. Ian purchased this bond when there were 9 years left to maturity and when the market interest rate was 6.80% compounded semi-annually. He held the bond for 3 years, then sold it when the market interest rate was 3.90% compounded semi-annually. a. Calculate the purchase price of the bond.

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