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3. A 7-year bond has an annual coupon of $6 and par value of $100. An 8-year bond has an annual coupon of $5 and

3. A 7-year bond has an annual coupon of $6 and par value of $100. An 8-year bond has an annual coupon of $5 and par value of $100. Both bonds have a price of $100. Are there any arbitrage opportunities? Would all investors, regardless of their risk preferences, prefer one bond over the other?

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