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Midland Oil has $1,000 par value bonds outstanding at 16 percent interest. The bonds will mature in 20 years. Compute the current price of the

Midland Oil has $1,000 par value bonds outstanding at 16 percent interest. The bonds will mature in 20 years.

Compute the current price of the bonds if the present yield to maturity is:

a. 12 percent

b. 9 percent

c. 15 percent

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