P11.1 Two bonds have par values of $1000. One is a 5%, 15-year bond priced to yield

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P11.1 Two bonds have par values of $1000. One is a 5%, 15-year bond priced to yield 8%. The other is a 7.5%, 20-year bond priced to yield 6%. Which of these two has the lower price?

(Assume annual compounding in both cases.)

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