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The Carla Vista Department of Transportation has issued 25-year bonds that make semiannual coupon payments at a rate of 10.225 percent. The current market rate

The Carla Vista Department of Transportation has issued 25-year bonds that make semiannual coupon payments at a rate of 10.225 percent. The current market rate for similar securities is 10.8 percent. Assume that the face value of the bond is $1,000.

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