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A 14-year zero-coupon bond was issued with a $1,000 par value and a yield to maturity of 9 %. If similar bonds are currently yielding

A 14-year zero-coupon bond was issued with a $1,000 par value and a yield to maturity of 9 %. If similar bonds are currently yielding 12 %, what is the approximate market value of the bond? Multiple Choice $205 $299 $801 $1,000

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