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3. A Sprint bond has a face value of $1,000, a coupon rate of 7%, with coupons paid annually, and 15 years to maturity. If

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3. A Sprint bond has a face value of $1,000, a coupon rate of 7%, with coupons paid annually, and 15 years to maturity. If the effective annual return for bonds of comparable risk is 8%, what is the price that you should be willing to pay for this bond

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