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The change corporation has two different bonds currently outstanding. Bond M has a face value of $20,000 and matures in 20 years. The bond makes
The change corporation has two different bonds currently outstanding. Bond M has a face value of $20,000 and matures in 20 years. The bond makes no payments for the first six years, then pays $3000 every six months over the subsequent eight years, and finally pays $3,300 every six months over the last 6 years. bond N also has a face value of $20,000 and a maturity of 20 years; it makes no coipon payments over the life of the bond. the required return on both these binds is 10 percent compounded semiannually. what is the current price of Bond M and Bond N?
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