Question: What is the maximum price you will pay for a bond with a face value of $2,000 and a coupon rate of 15%, paid annually,

What is the maximum price you will pay for a bond with a face value of $2,000 and a coupon rate of 15%, paid annually, if you want a yield to maturity of 12%? Assume that the bond will mature in 12 years, and the first payment will be received in 1 year.

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