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Michael Sells His Bonds Your cousin Michael has $25,000 in US Steel bonds with a 4% coupon and 18 years to maturity. Comparable market interest

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Michael Sells His Bonds Your cousin Michael has $25,000 in US Steel bonds with a 4% coupon and 18 years to maturity. Comparable market interest rates are now 6.5%. Use this information to answer the following two questions. You must show your work for full marks. Question 2 (2 points) What price would Michael currently get for his bonds in the bond market? x Question 3 (2 points) Is this bond trading at a premium or a discount? What caused this to happen? Format BIU Question 4 (2 points) What is this bond's current yield? Round your answer to two decimals

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