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MI has`a $1,000 par value, 30 -year bond outstanding that was issued 20 years ago at an annual coupon rate of 10%, paid semiannually. Market

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MI has`a $1,000 par value, 30 -year bond outstanding that was issued 20 years ago at an annual coupon rate of 10%, paid semiannually. Market interest rates on similar bonds are 7%. Calculate the bond's price. Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a $956.42 b $1,000.00

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