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Morin Company's bonds mature in 12 years, have a par value of $1,000, and make an annual coupon interest payment of $50. The market requires

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Morin Company's bonds mature in 12 years, have a par value of $1,000, and make an annual coupon interest payment of $50. The market requires an interest rate of 6.8% on these bonds. What is the bond's price? a. $1,401.40 b. $855.50 c. $847.84 d. \$882.79 e. $726.55

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