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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

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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 5% (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 s(Round to the nearest cent)

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