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TES, Inc. offers an 8 . 5 percent bond with a yield to maturity of 7 . 6 5 percent. The bond pays interest annually

TES, Inc. offers an 8.5 percent bond with a yield to maturity of 7.65 percent. The bond pays interest annually and matures in 22 years. What is the market price of one of these bonds if the face value is $1,000?
$916.02
$916.62
$1,089.16
$1,089.81

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