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Kathryn issued a $1,000,000 bond that matures in 5 years and pays 8% interest (stated or coupon rate) a year. The market (yield) rate is

Kathryn issued a $1,000,000 bond that matures in 5 years and pays 8% interest (stated or coupon rate) a year. The market (yield) rate is 6%. What is the market price of the bond?

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