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Calculate the present value of a bond that pays a coupon rate of 7% per year for 20 years, and matures in 20 years at
Calculate the present value of a bond that pays a coupon rate of 7% per year for 20 years, and matures in 20 years at its face value of $1000, using each of the following current market interest rates as the discount rate:
(a) 5%;
(b) 7%;
(c) 9%. Show your calculations.
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