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A firm issues five-year bonds with a coupon rate of 6.8%, paid semiannually. The credit spread for this firm's five-year debt is 0.8%. New five-year

A firm issues

five-year

bonds with a coupon rate of

6.8%,

paid semiannually. The credit spread for this firm's

five-year

debt is 0.8%. New

five-year

Treasury notes are being issued at par with a coupon rate of

3.1%.

What should the price of the firm's outstanding

five-year

bonds be per $100 of face value?

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