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A portfolio manager is considering the purchase of a bond with a 9 . 9 % coupon rate that pays interest annually and matures in

A portfolio manager is considering the purchase of a bond with a 9.9% coupon rate that
pays interest annually and matures in 9 years. If the required rate of return on the
bond is 5.4%, what is the price of the bond per $100 of par value?

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