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The 11-year, $1,000 par value bonds of Waco Industries pay 11 percent interest annually. The market price of the bond is $955, and the market's

The 11-year, $1,000 par value bonds of Waco Industries pay 11 percent interest annually. The market price of the bond is $955, and the market's required yield to maturity on a comparable-risk bond is 13 percent

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