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(Related to Checkpoint 9.3)(Bond valuation) Doisneau 25-year bonds have an annual coupon interest of 11 percent, make interest payments on a semiannual basis, and have

(Related to Checkpoint 9.3)(Bond valuation) Doisneau

25-year

bonds have an annual coupon interest of

percent, make interest payments on a semiannual basis, and have a

$1,000

par value. If the bonds are trading with a market's required yield to maturity of

percent, are these premium or discount bonds? Explain your answer. What is the price of the bonds?

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