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A 3-year bond offers a 10% coupon rate with interest paid annually. Assuming the following sequence of spot rates, the price of the bond is

A 3-year bond offers a 10% coupon rate with interest paid annually. Assuming the following sequence of spot rates, the price of the bond is closest to: Spot Rates Time-to-Maturity 8.0% 1 year 8.5% 2 years 9.5% 3 years 101.46 102.95 96.98 101.53

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