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1. The Drextol Corporation issued a new series of bonds on January 1, 2015. The bonds were sold at par ($1,000), had a 12 percent
1. The Drextol Corporation issued a new series of bonds on January 1, 2015. The bonds were sold at par ($1,000), had a 12 percent coupon, required rate of return 10% and matures in 30 years. If coupon payments are made semiannually, what is the price of the bond? (3)
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