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Microhard has issued a bond with the following characteristics: Par: $1,000 Time to maturity: 20 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: 20 years

Coupon rate: 7 percent

Semiannual payments

Calculate the price of this bond if the YTM is

a. 7%

b. 9%

c. 5%

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