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Briar Corp is issuing a 10-year bond with a face value of $1,000 at a coupon rate of 6 percent. The interest rate for similar

Briar Corp is issuing a 10-year bond with a face value of $1,000 at a coupon rate of 6 percent. The interest rate for similar bonds is currently 12 percent. Assuming annual payments, what is the present value of the bond? $897 $872 $1,000 $661

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