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The Craig Johnson Investment Company purchases corporate bonds in the secondary market with five years to maturity. Total par value is $10 million. The coupon

The Craig Johnson Investment Company purchases corporate bonds in the secondary market with five years to maturity. Total par value is $10 million. The coupon rate is 9.25% with annual coupon (interest) payments. If current bonds are yielding 8.35%, what is the value of this bond?

a. 10,325,358.15

b. 10,356,053.32

c. 10,563,245.18

d. 10,572,322.25

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