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2. Craiglockhart Inc has an outstanding issue of 1,000 par value bonds with an 8% coupon interest rate. The issue pays interest annually and has

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2. Craiglockhart Inc has an outstanding issue of 1,000 par value bonds with an 8% coupon interest rate. The issue pays interest annually and has 15 years remaining to its maturity date. Bonds of similar risk are currently yielding a 10% rate of return.

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