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A company issued bonds with a 22-year maturity, a $1,000 par value, a 8.0% coupon rate, and semiannual interest payments. 7 years after the bonds

A company issued bonds with a 22-year maturity, a $1,000 par value, a 8.0% coupon rate, and semiannual interest payments. 7 years after the bonds were issued, the going rate of interest on bonds such as these changed to 10.0%. At what price would the bonds sell?

$724.70

$1,568.09

$846.28

$1,000.00

$531.7

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