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A firm's $1,000 par value bonds mature in 7 years. The have an annual coupon payment of $70 and the market interest rate is 8.5%.

A firm's $1,000 par value bonds mature in 7 years. The have an annual coupon payment of $70 and the market interest rate is 8.5%. What is the bond's price?

Select one:

a. $923.22

b. $946.30

c. $969.96

d. $994.21

e. $1,019.06

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