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An investor purchases a 9 - year, 7 % annual coupon payment bond priced at Par. After the bond is purchased and before the first

An investor purchases a 9-year, 7% annual coupon payment bond
priced at Par. After the bond is purchased and before the first coupon
is received, interest rates increase to 8%. The investor sells the bond
after five years. Assume that interest rates remain unchanged at 8%
over the five-year holding period.
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