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Last year, Pepsi issued a new bond denominated in euros maturing in 20 years with a coupon rate of 0.875% (payable annual) priced to yield

Last year, Pepsi issued a new bond denominated in euros maturing in 20 years with a coupon rate of 0.875% (payable annual) priced to yield 0.90%.

Determine the market value of 8-million-euro par or face value of these notes when first purchased.

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