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A company issues a ten-year bond at par with a coupon rate of 7% paid semi-annually. The YTM at the beginning of the third year

A company issues a ten-year bond at par with a coupon rate of

paid semi-annually. The YTM at the beginning of the third year of the bond (8 years left to maturity) is

8.6%.

What is the new price of the bond?

$1,091

$1,272

$909

$1,000

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