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A corporate bond with 10 years to maturity and $1000 par value, makes annual coupon payments at a coupon rate of 8%. Based on the

A corporate bond with 10 years to maturity and $1000 par value, makes annual coupon payments at a coupon rate of 8%. Based on the level of interest rates and the bond's default risk, your required rate of return on the bond is 11.2%.

How much would you be willing to pay for this bond?

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