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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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