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Enterprise, Inc. bonds have an annual coupon rate of 1 5 percent. The interest is paid semiannually and the bonds mature in 1 2 years.

Enterprise, Inc. bonds have an annual coupon rate of 15
percent. The interest is paid semiannually and the bonds mature in 12 years. Their par value is
$1,000. If the market's required yield to maturity on a comparable-risk bond is 9
percent, what is the value of the bond? What is its value if the interest is paid annually?

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