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How much should you pay for a bond with $1,000 par value, a 10 percent coupon rate, and seven years maturity if the market interest
How much should you pay for a bond with $1,000 par value, a 10 percent coupon rate, and seven years maturity if the market interest rate is 7 percent and interest is paid annually?
Select one:
a. $1,161
b. $560
c. $903
d. $1,104
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