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Rick bought a bond when it was issued by Mediaflex Company 12 years ago. The bond, which has a $1,000 face value and a coupon
Rick bought a bond when it was issued by Mediaflex Company 12 years ago. The bond, which has a $1,000 face value and a coupon rate equal to 10 percent, matures in eight years. Interest is paid every six months(semiannually). If the yield on similar bonds currently is 11.3 percent, what should be the market value(price) of the bond?
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