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A firm has a bond issue outstanding with face value of $1,000, 15 years to maturity and a coupon rate of 8%, with interest paid

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A firm has a bond issue outstanding with face value of $1,000, 15 years to maturity and a coupon rate of 8%, with interest paid semiannually. The required nominal rate on this debt has now risen to 16% per year. What is the current value of this bond (approximately)? $1,000 $1,783 $550 $450 $1,273

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