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Sophia bought a bond when it was issued by Exxon Mobil Corporation 14 years ago. The bond, which has a $1000 face value and a
Sophia bought a bond when it was issued by Exxon Mobil Corporation 14 years ago. The bond, which has a $1000 face value and a coupon rate equal to 10 percent, matures in six years. Interest is paid every three months; the next interest payment is scheduled for three months from today. If the yield on similar-risk investments is 14 percent, what is the current market value (price) of the bond? Interpret your
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