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Cox Co . issued 1 0 - year bonds a year ago at a coupon rate of 6 % . The bonds make semi -

Cox Co

.

issued

10 -

year bonds a year ago at a coupon rate of

6 % .

The bonds make semi

-

annual

payments. If the face value is $

1000

and YTM on these bonds is

5 %,

what is the current price of

the bond?

(4

marks

)

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