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(Bond valuation) Hamilton, Inc. bonds have a coupon rate of 9 percent. The interest is paid semiannually, and the bonds mature in 15 years. Their

(Bond valuation)

Hamilton, Inc. bonds have a coupon rate of 9 percent. The interest is paid semiannually, and the bonds mature in 15 years. Their par value is

$1,000. If your required rate of return is 16 percent, what is the value of the bond? What is the value if the interest is paid annually?

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