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22. Consider an 8-year 4.2%-coupon bond that pays a $1,000 par value at maturity. Assume 5.9 percent to be the appropriate discount rate. What is

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22. Consider an 8-year 4.2%-coupon bond that pays a $1,000 par value at maturity. Assume 5.9 percent to be the appropriate discount rate. What is the present value of the bond if it pays annual coupons? Page 7 of 2

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