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The bond pricing formula utilizes the Net Present Value function on your spreadsheet program. The formula is broken into two parts as identified by the

The bond pricing formula utilizes the Net Present Value function on your spreadsheet program. The formula is broken into two parts as identified by the letters in parentheses above the formula. See Appendix A in Excel Quick for a discussion on the NPV function, and then explain the meaning of each part of the formula.

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FORMULA1: =NPV(E10,C60:C71)+NPV(E10,D60:D71) a. b

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