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New River Inc. issued a 25-year, 10% semiannual coupon, $1,000 par value bond five years ago. Since then the market interest rate has decreased to

New River Inc. issued a 25-year, 10% semiannual coupon, $1,000 par value bond five years ago. Since then the market interest rate has decreased to 8%. What is the PV of the bond today?

828.41

None of the answers is correct

$ 771.82

$1,000.00

$1,197.93

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