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Morin Company's bonds mature in 11 years, have a par value of $1,000, and make an annual coupon interest payment of $60. The market requires

Morin Company's bonds mature in 11 years, have a par value of $1,000, and make an annual coupon interest payment of $60. The market requires an interest rate of 7.8% on these bonds. What is the bond's price?

a. $870.24

b. $862.93

c. $903.98

d. $1,432.53

e. $726.61

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