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Microhard has issued a bond with the following characteristics: Par: $1,000 Time to Maturity: 18 years Coupon Rate: 7 percent Semiannual Payments Calculate the price

Microhard has issued a bond with the following characteristics:

Par: $1,000

Time to Maturity: 18 years

Coupon Rate: 7 percent Semiannual Payments

Calculate the price of this bond if the YTM is :

a. 7 percent

b. 9 percent

c. 5 percent

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