3. You are given the following information about a bond: (i) Par value is 1000. (ii) Redemption value is 1000. (iii) Coupon rate 12%, convertible semi-annually. (iv) It is priced to yield 10%, convertible semi-annually. The bond has a term of n years. If the term of the bond is doubled, the price will increase by 50. Calculate the price of the n year bond.

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