An investor buys a ten-year 1000 par value 55 coupon bond, Ask an Expert

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An investor buys a ten-year, $1,000 par value, 5.5% coupon bond for $1,025.50. He holds it for exactly one year, and then he sells it (immediately after receiving the first coupon payment). You determine that the investor's annual rate of return for the year was 2.44%. What must be the price at which the bond was sold?

1.$904
2.$933
3.$996
4.$1051

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