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What would you be willing to pay for a $1000 par, 7 1/2% coupon bond with 15 years until maturity if you wanted to earn

What would you be willing to pay for a $1000 par, 7 1/2% coupon bond with 15 years until maturity if you wanted to earn a return of 8%?

a. $957

b. $985

c. $966

d. $991

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