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Luther Industries needs to raise $25 million to fund a new office complex. The company plans on issuing ten - year bonds with a face

image text in transcribed Luther Industries needs to raise $25 million to fund a new office complex. The company plans on issuing ten - year bonds with a face value of $1,000 and a coupon rate of 7.0% (annual payments). The following table summarizes the YTM for similar ten - year corporate bonds of various credit ratings: Suppose that when these bonds were issued, Luther received a price of $972.42 for each bond. What is the likely rating that Luther's bonds received? A. BBB B. A C. B D. AA

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