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Midland Oil has $1,000 par value bonds outstanding at 12 percent interest. The bonds will mature in 15 years. Use Appendix B and Appendix D

Midland Oil has $1,000 par value bonds outstanding at 12 percent interest. The bonds will mature in 15 years. Use Appendix B and Appendix D for an approximate answer but calculate your final answer using the formula and financial calculator methods. Compute the current price of the bonds if the present yield to maturity is...? a. 19% b. 15% c. 18%

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