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Morgan would like to purchase a bond that has a par value of $1,000, pays $80 at the end of each year in coupon payments,

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Morgan would like to purchase a bond that has a par value of $1,000, pays $80 at the end of each year in coupon payments, and has 10 years remaining until maturity. If the prevailing annualized yield on other bonds with similar characteristics is 6 percent, how much will Morgan pay for the bond? $1,000.00 $1,147.20 $856.80 none of these

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