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Applied Software has a $1,000 par value bond outstanding that pays 12 percent interest with annual payments. The current yield to maturity on such bonds

Applied Software has a $1,000 par value bond outstanding that pays 12 percent interest with annual payments. The current yield to maturity on such bonds in the market is 7 percent. Compute the price of the bonds for these maturity dates:

a. 30 years

b. 15 years

c. 1 year

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