Question: A ten - year 1 0 0 face amount bond has an annual coupon rate of 8 % payable semiannually. The bond is callable at

A ten-year 100 face amount bond has an annual coupon rate of 8% payable semiannually. The bond is callable at the end of the 5th,7th, and 9th years at par, immediately after the coupon payment.
Calculate the maximum price of the bond that ensures an annual effective yield of at least 6%.

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