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J&J Manufacturing issued a bond with a $1,000 par value. The bond has a coupon rate of 7% and makes payments semiannually. If the bond

J&J Manufacturing issued a bond with a $1,000 par value. The bond has a coupon rate of 7% and makes payments semiannually. If the bond has 20 years remaining and the annual market interest rate is 9.4%, what will the bond sell for today?

$761

$787

$746

$785

$796

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