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5 5 points David March is evaluating a bond with the following characteristics. Three years ago it was newly issued with an 8% coupon rate,

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5 5 points David March is evaluating a bond with the following characteristics. Three years ago it was newly issued with an 8% coupon rate, a face value of $1,000, a maturity of 15 years, and a price of $1,000. But today, only 12 years remain until the maturity. What is the price of the bond today? Assume the yield to maturity of 7%. 1091 1079 1069 1000 OO 990.5

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