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Five years ago bonds were issued at par with 38 years until maturity and a 5% annual coupon. If interest rates for that grade of

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Five years ago bonds were issued at par with 38 years until maturity and a 5% annual coupon. If interest rates for that grade of bonds are currently 8%, what will be the market price of these bonds now? Multiple Choice $654.58 $981.88 $785.50 $523.67

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