Assume that you wish to purchase a 20-year bond that has a maturity value of P1,000 and makes semiannual interest payments of P40. If you require a 10 percent yield to maturity on this investment,...

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Extracted text: Assume that you wish to purchase a 20-year bond that has a maturity value of P1,000 and makes semiannual interest payments of P40. If you require a 10 percent yield to maturity on this investment, what is the maximum price you should be willing to pay for the bond?