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Chevron would like to issue some 20-year bonds to finance development of an oil field. Each $1,000 (par value) bond will have an 8.5

  

Chevron would like to issue some 20-year bonds to finance development of an oil field. Each $1,000 (par value) bond will have an 8.5 percent coup on rate and pay annual interest. If investors require a 9% return on these bonds, at what price will the bonds sell when they are issued?

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