Question: Creative Financing Inc. is planing to issue a 15-year, $1,000 face value bond with a coupon rate that changes every five years. The coupon rate

Creative Financing Inc. is planing to issue a 15-year, $1,000 face value bond with a coupon rate that changes every five years. The coupon rate for the first five years is 10%, 10.75% the next five years, and 11.5% for the remaining five years. If the yield on this bond is 11%, how much would you be willing to pay for this bond?

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