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Suppose a company issued a 20-year bond 3 years ago (i.e. there are 17 years remaining). The coupon rate is 9% (annual payments) and the

Suppose a company issued a 20-year bond 3 years ago (i.e. there are 17 years remaining). The coupon rate is 9% (annual payments) and the face value of $1,000,000. If the market rate of interest today (required return) is 12%, what is the value of the bond today?

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