Question: What is the maximum price you will pay for a bond with a face value of $1,000 and a coupon rate of 14%, paid annually,

What is the maximum price you will pay for a bond with a of $1,000 and a rate of 14%, paid annually, if you want a yield to of 10%? Assume that the bond will mature in 10 years and the first payment will be received in one year.

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