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Assume a corporation's bond has 14 years remaining until maturity. The coupon interest rate is 8.9% and the bond pays interest semi-annually. Assume bond investors'
Assume a corporation's bond has 14 years remaining until maturity. The coupon interest rate is 8.9% and the bond pays interest semi-annually. Assume bond investors' required rate of return on the bond is 7.9%. What would be the expected market price of this bond. (Assume a $1000 par value.) Answer to 2 decimal places.
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