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The ARA Corporation bonds have a coupon of 14%, pay interest semiannually, and they will mature in 7 years. Your required rate of return for

The ARA Corporation bonds have a coupon of 14%, pay interest semiannually, and they will mature in 7 years. Your required rate of return for such an investment is 10% annually. How much should you pay for a $1,000 ARA Corporation bond? Select one: a. $3797.50 b. $6261.35 c. $1197.97 d. $1014.00

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