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Pricing a Bond . A bond promises to pay $ 120 next year and the interest rate is 6 percent per year. a. What will

Pricing a Bond.

A bond promises to pay $120 next year and the interest rate is 6 percent per year.

a. What will the price of the bondbe? (Enter your response rounded to the nearest penny.)

b. What will the new price of the bond be if the interest rate rises to 8 percent? (Enter your response rounded to the nearest penny.)

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