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QUESTION
This morning, Mary bought a ten-year, $1000 par value bond with a 7.0% coupon rate and semi-annual payments. She paid $994 for the bond.
This morning, Mary bought a ten-year, $1000 par value bond with a 7.0% coupon rate and semi-annual payments. She paid $994 for the bond. If the market interest rate on this type of bond decreases to 6.5% tonight, how much will Mary receive for her first coupon payment?
