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D. J. Masson Inc. recently issued noncallable bonds that mature in 11 years. They have a par value of $1,000 and an annual coupon of

D. J. Masson Inc. recently issued noncallable bonds that mature in 11 years. They have a par value of $1,000 and an annual coupon of 4.5%. If the current market interest rate is 8.0%, at what price should the bonds sell?

A. 1000 B. 750.14 C. 663.59 D. 862.66

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