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A Corporate Bonds matures in 2 7 years, yields 8 . 4 7 % and makes coupon payments of 9 % . If the par

A Corporate Bonds matures in

27

years, yields

8.47 %

and makes coupon payments of

9 % .

If the par value equals $

1, 000,

what should be the price of this corporate bond? Enter your answer to the nearest penny.

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