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Citibank sold at par a $ 1 , 0 0 0 bond with a coupon rate of 8 percent and 2 0 years to maturity.

Citibank sold at par a $1,000 bond with a coupon rate of 8 percent and 20 years to maturity. If this bond pays interest semiannually, what is the value of this bond to an investor who requires an 8 percent rate of return?
Question 11 options:
$1,080
$1,000
$607.72
$692.00

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