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2 0 . A bond has a par value of $ 1 , 0 0 0 , a coupon rate of 5 % ( paid

20. A bond has a par value of $1,000, a coupon rate of 5%(paid annually), and a maturity of 3 years. If the yield to maturity for the bond is 6%, what is the price of the bond?
a. $1,000.00
b. $1,015.23
c. $950.14
d. $1,050.00
e. $973.27

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