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A 7% coupon bond with a $1000 face value is currently selling at par. The bond has 15 years remaining until maturity, and it pays

  1. A 7% coupon bond with a $1000 face value is currently selling at par. The bond has 15 years remaining until maturity, and it pays interest annually. If the bonds yield drops by 25 basis points today, what would be the bonds new price?

    $1006.41

    $1023.13

    $977.59

    $982.64

    $1048.27

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