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A corporate bond, paying $65 interest at the end of each year for 16 years, has a face value of $1,000. If market rates on

A corporate bond, paying $65 interest at the end of each year for 16 years, has a face value of $1,000. If market rates on newly issued similarly rated corporate bonds are now 7.5%, what is the current market price of this bond?

A. $953.06

B. $1,097.68

C. $1,048.41

D. $908.58

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