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A company in your town has issued a bond with a $1,000 par value and a coupon rate of 7%. If the bond has 30

A company in your town has issued a bond with a $1,000 par value and a coupon rate of 7%. If the bond has 30 years until maturity and bonds with similar risk are being offered for 9%, what would you pay for this bond? You MUST show your work.

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