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17. Ryngaert Inc. recently issued noncallable bonds that mature in 15 years. They have a par value of $1,000 and an annual coupon of 4.8%.

17.

Ryngaert Inc. recently issued noncallable bonds that mature in 15 years. They have a par value of $1,000 and an annual coupon of 4.8%. If the current market interest rate is 6.4%, at what price should the bonds sell?

a. $678.27
b. $842.66
c. $854.90
d. $877.66
e. $848.59

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