3. A bond of XYZ Corporation has the following characteristics: Market price: 108.32 percent of par Coupon
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3. A bond of XYZ Corporation has the following characteristics:
Market price: 108.32 percent of par Coupon rate: 15 percent Number of annual payments (including return of principal) left on bond: 15 Time to first payment: 8 months XYZ Corporation's debt is currently rated CCC. Use the model of section 23.5 to calculate the bond's expected return. Assume a recovery percentage l = 78 percent.
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