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Jay Aquire is considering the purchase of the following: a Builtrite, $1000 par, 6 3/8% coupon rate, 15 year maturity bond which is currently selling

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Jay Aquire is considering the purchase of the following: a Builtrite, $1000 par, 6 3/8% coupon rate, 15 year maturity bond which is currently selling for $1020. If Jay's required return is 7%, what would he be willing to pay for the Builtrite bond? $920 $943 $966 $989

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