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Madison Corp. has a $1000 par value bond outstanding with a coupon rate of 8% interest. Interest payments are made semiannually. The bond matures in

Madison Corp. has a $1000 par value bond outstanding with a coupon rate of 8% interest. Interest payments are made semiannually. The bond matures in 20 years. If the yield to maturity for similar bonds is 9% what is the value of the bond?

A. $1644

B. $1000

C. $935

D. $908

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