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7. A bond has a par value of $1,000, a time to maturity of 8 years, and a coupon rate of 10% with interest paid

7. A bond has a par value of $1,000, a time to maturity of 8 years, and a coupon rate of 10% with interest paid annually. If the current market price is $875, what will be the approximate price of this bond at the end of the first year

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