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Save Homework: HW3b - Bonds Score: 0 of 2 pts 5 of 9 (7 complete) HW Score: 41.67%, 10 of 24 pt XP 6-18 (similar

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Save Homework: HW3b - Bonds Score: 0 of 2 pts 5 of 9 (7 complete) HW Score: 41.67%, 10 of 24 pt XP 6-18 (similar to) Question Help Suppose that General Motors Acceptance Corporation issued a bond with 10 years until maturity, a face value of $1,000, and a coupon rate of 7.7% (annual payments). The yield to maturity on this bond when it was issued was 5.5%. What was the price of this bond when it was issued? When it was issued, the price of the bond was $]. (Round to the nearest cent.)

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