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A company has a coupon rate of 12% and has 13 years remaining until maturity. The companys bonds pay interest semi-annually. Due to a cash

A company has a coupon rate of 12% and has 13 years remaining until maturity. The companys bonds pay interest semi-annually. Due to a cash flow problem, the company will not be able to pay the interests for periods 8, 9, 10 (not the same as years 8, 9, 10). These missed payments will be repaid in one lump sum when the bond matures, without interest. If the yield-to-maturity on similar bonds is 8%, what is the fair price of this bond

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