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Find the value of a bond maturing in 6 years, with a $1,000 par value and a coupon interest rate of 10% (5% paid semiannually)

Find the value of a bond maturing in 6 years, with a $1,000 par value and a coupon interest rate of 10% (5% paid semiannually) if the required return on similar-risk bonds is 7% annually.

Select one:

a. $1381.76

b. $1144.95

c. $1256.44

d. $1045.59

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