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A portfolio manager is considering the purchase of a bond with a 6 . 8 % coupon rate that pays interest annually and matures in

A portfolio manager is considering the purchase of a bond with a 6.8% coupon rate that
pays interest annually and matures in 6 years. If the required rate of return on the
bond is 8.9%, what is the price of the bond per $100 of par value?

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