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A corporation has issued bonds at par with 1 2 years maturity on which interest is paid annually. The bonds have a $ 1 ,

A corporation has issued bonds at par with 12 years maturity on which interest is paid annually. The bonds have a $1,000 par value and the coupon interest rate is 8%. What will be the price of these bonds if the yield to maturity on comparable bonds rises to 9%?
a. $1,000
b. $928.39
c. $979.95
d. None of the above.

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