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The Georgia state government recently issued a 10-year, 6.25% coupon bond that pays interest annually. The bonds yield to maturity is 5 percent. Assume the

The Georgia state government recently issued a 10-year, 6.25% coupon bond that pays interest annually. The bonds yield to maturity is 5 percent. Assume the face value is $1,000. What is the present value of this bond?

$815.38
$896.67
$986.02
$1,053.29
$1,096.52

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