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PLEASE SHOW ALL WORK & CALCULATIONS!! 12. A firm has an issue of $1,000 par value bonds with a 11 percent stated interest rate outstanding.

image text in transcribed PLEASE SHOW ALL WORK & CALCULATIONS!!

12. A firm has an issue of $1,000 par value bonds with a 11 percent stated interest rate outstanding. The issue pays interest annually and has 8 years remaining to its maturity date. If bonds of similar risk are currently earning 10 percent, the firm's bond will sell for today. (Show all calculations for full credit.)

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