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Midland Oil has $1,000 par value bonds outstanding at 16 percent interest. The bonds will mature in 25 years. Use Appendix B and Appendix D

Midland Oil has $1,000 par value bonds outstanding at 16 percent interest. The bonds will mature in 25 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:

15% :

14% :

16% :

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