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The bonds of Microhard, Inc. carry a 10% coupon paid semiannually , a $1,000 face value and mature in 4 years. Bonds of equivalent risk

The bonds of Microhard, Inc. carry a 10% coupon paid semiannually, a $1,000 face value and mature in 4 years. Bonds of equivalent risk yield 7%. What is the market value of Microhards bonds? (show procedure)

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