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A tax-exempt bond was recently issued at an annual 8 percent coupon rate and matures 20 years from today. The par value of the bond

A tax-exempt bond was recently issued at an annual 8 percent coupon rate and matures 20 years from today. The par value of the bond is $1,000.

If a required market rates are 8 percent, what is the market price of the bond?

If required market rates fall to 5 percent, what is the market price of the bond

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