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Morin Company's bonds mature in 9 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 9 years, have a par value of $1,000, and make an annual coupon interest payment of $60. The market requires an interest rate of 6.9% on these bonds. What is the bond's price?

a. $1,392.58

b. $844.74

c. $968.20

d. $941.11

e. $936.49

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