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CB Inc. recently issued $1000, 20 year bonds with a coupon rate of 7% paid annually. The current market rate of interest on similar risk

CB Inc. recently issued $1000, 20 year bonds with a coupon rate of 7% paid annually. The current market rate of interest on similar risk bonds in the market is 9%. What is the market price of the bond?

910.65

1000.00

817.43

none of the other choices

901.04

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