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A bond has a 6% coupon and matures in 15 years. If an investor requires a 7% rate of return, calculate the value of the

A bond has a 6% coupon and matures in 15 years. If an investor requires a 7% rate of return, calculate the value of the bond?

For the above bond, what is the value of the bond eight years later (matures in 7 years) at a required 7% rate of return? Explain the price change.

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