=+2 A 100 bond with two years to maturity and an annual coupon of 9 per cent
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=+2 A £100 bond with two years to maturity and an annual coupon of 9 per cent is avail-
able. (The next coupon is payable in one year.)
If the market requires a yield to maturity of 9 per cent for a bond of this risk class what will be its market price?
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