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3 . A 2 0 - year, 1 0 % annual - pay bond has a par value of $ 1 , 0 0 0

3 .

20 -

year,

10 %

annual

-

pay bond has a par value of $

1, 000 .

What is the price of the bond if it has a yield

-

-

maturity of

15 % ?

.

685.14 .

.

687.03 .

.

828.39 .

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