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1. Morin Company's bonds mature in 8 years, have a par value of $1,000, and make an annual coupon interest payment of $60. The market

Morin Company's bonds mature in 8 years, have a par value of $1,000, and make an annual coupon interest payment of $60. The market requires an interest rate of 7.0% on these bonds.

What is the bond's price? a. $861.37 b. $1,358.28 c. $965.37 d. $940.29 e. $934.85

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