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Suppose that General Motors Acceptance Corporation issued a bond with 10 years until maturity, a face value of S1,000, and a coupon rate of 72%

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Suppose that General Motors Acceptance Corporation issued a bond with 10 years until maturity, a face value of S1,000, and a coupon rate of 72% (annual payments) The yield to maturity on this band when it was issued was 59% What was the price of this bond when it was issued? When it was issued, the price of the band was 5 Round to the nearest cent)

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