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CMS Corporation's balance sheet as of today is as follows: The bonds have a 7.9% coupon rate, payable semiannually, and a par value of $1,000.

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CMS Corporation's balance sheet as of today is as follows: The bonds have a 7.9% coupon rate, payable semiannually, and a par value of $1,000. They mature exactly 10 years from today. The yield to maturity is 12%, o the bonds now sell below par. What is the current market value of the firm's debt? Select the correct answer. a. $7,648,666 b. $7,649,427 c. $7,650,949 d. $7,647,905 e. $7,650,188

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