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Bellingham bonds have an annual coupon rate of 6 percent and a par value of $1,000 and will mature in 15 years. If you require
Bellingham bonds have an annual coupon rate of 6 percent and a par value of $1,000 and will mature in 15 years. If you require a return of 16 percent, what price would you be willing to pay for the bond? What happens if you pay more for the bond? What happens if you pay less for the bond? (Round to the nearest cent.)
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