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Suppose that 5 years ago the Cisco Company sold a 15-year bond issue, which had a par value of $5,000 and a coupon rate of

Suppose that 5 years ago the Cisco Company sold a 15-year bond issue, which had a par value of $5,000 and a coupon rate of 7%. interest is paid semiannually. If the required return is 12%, what is the price of the bond today? Under what condition is it sold?

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