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28) Company Elbert's bonds mature in 7 years, they pay $45 in annual interest and have a par value of $1,000. Assume the required rate

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28) Company Elbert's bonds mature in 7 years, they pay $45 in annual interest and have a par value of $1,000. Assume the required rate of return on similar bonds is 5.5%. a) What is the current price of one of these bonds? [+ 6pts] b) Are the bonds trading at par, at a discount or at a premium? [+2 pts]

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