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A bond with a coupon rate of 7%, paid annually, and a face value of $1,000 matures in 12 years. If the current annual market

A bond with a coupon rate of 7%, paid annually, and a face value of $1,000 matures in 12 years. If the current annual market interest rate is 11%, what is the bond's market value?

A. $999.96

B. $740.27

C. $649.24

D. $1,317.70

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