The Wall Street Journal quoted a market price of 102 for an issue of 8 percent bonds

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The Wall Street Journal quoted a market price of 102 for an issue of 8 percent bonds of a major U.S. corporation. What would be the market price for $\$ 25,000$ face value of these bonds (ignoring accrued interest)? Is the market rate of interest for bonds of this quality higher or lower than 8 percent? Explain.

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