Question: Jeremy Kohn is planning to invest in a 15-year bond that pays a 10 percent coupon. The current market rate for similar bonds is 15

Jeremy Kohn is planning to invest in a 15-year bond that pays a 10 percent coupon. The current market rate for similar bonds is 15 percent. Assume annual coupon payments. What is the maximum price that should be paid for this bond? (Do not round intermediate computations. Round your final answer to the nearest dollar.)

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