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A 7% coupon rate bond makes annual interest rate payments. Par value is $1,000. The bond matures in 10 years. The required rate of return

A 7% coupon rate bond makes annual interest rate payments. Par value is $1,000. The bond matures in 10 years. The required rate of return is 9%. What is the current price?

a. 871.65

b. 972.56

c. 1,000.00

d. 1,154.43

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