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Consider a 5 1 , 0 0 0 par value bond which pays an annual coupon rate of 7 % and has 8 years to

Consider a 51,000 par value bond which pays an annual coupon rate of 7% and has 8years to maturity. Interest is paid semi-annually. If the required rate of return is 8%(annually), what is this bond's price? $942.50 $1,064.81 $911.52$941.74 None of the above.

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