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Panhandle Ventures' recently issued bonds that mature in 20 years. They have a par value of $1,000 and an annual coupon of 5%. If the

Panhandle Ventures' recently issued bonds that mature in 20 years. They have a par value of $1,000 and an annual coupon of 5%. If the current market interest rate is 8%, at what price should the bonds sell?

A. None of the choices is correct

B. $705.46

C. $490.91

D. $996.98

E. $1373.87

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