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A 12-year bond with par value of $1,000 pays 10% annually. If similar bonds are currently yielding 9% annually, what is the market value of

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A 12-year bond with par value of $1,000 pays 10% annually. If similar bonds are currently yielding 9% annually, what is the market value of the bond? Multiple Choice $1,000 $1,294 $1,072 $932

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