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An 10-year bond which pays 6% coupon rate semi-annually sells at $684. Another 10-year bond of equal risk pays 6% coupon rate annually. Both bonds

An 10-year bond which pays 6% coupon rate semi-annually sells at $684. Another 10-year bond of equal risk pays 6% coupon rate annually. Both bonds are non-callable and have a face value of $1,000. What is the price of the bond which pays annual interest?

$674.24

$1,046.28

$940.25

$957.13

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