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1 If you were to purchase a 12% bond when the market interest rate for such bonds was 11%, would you expect to pay more

1 If you were to purchase a 12% bond when the market interest rate for such bonds was 11%, would you expect to pay more or less than the face amount for the bond?
2 If you were to purchase a 12% bond when the market interest rate for such bonds was 13%, would you expect to pay more or less than the face amount for the bond?
3 Explain your answers from above?

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