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D. J. Masson Inc. recently issued noncallable bonds that mature in 14 years. They have a par value of $1,000 and an annual coupon of

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D. J. Masson Inc. recently issued noncallable bonds that mature in 14 years. They have a par value of $1,000 and an annual coupon of 3.5%. If the current market interest rate is 12.0%, at what price should the bonds sell? a. 1,000.00 b. 502.10 c. 386.23 d. 436.61

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