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State Inc. decides to issue 10% annual coupon bonds with a maturity of 20 years. Using $1,000 as the face value, what should you pay

State Inc. decides to issue 10% annual coupon bonds with a maturity of 20 years. Using $1,000 as the face value, what should you pay for this bond if the yield to maturity is 12%? If 10%? If 8%? If 6%. Explain the results.

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