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1. What is the price of a bond that has a twelve year maturity, a coupon rate of 3.45 percent, a par value of $1,000,

1. What is the price of a bond that has a twelve year maturity, a coupon rate of 3.45 percent, a par value of $1,000, and pays interest semiannually? The current market yield is 4.56 percent. If the company wants to raise $100,000,000, how many bonds must be issued?

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