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there is no par value. we have been instructed to use $1000 in cases where it is not given. so if that value is needed

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there is no par value. we have been instructed to use $1000 in cases where it is not given. so if that value is needed for this question, please use $1000.
12. A bond has a 6 percent stated interest rate (coupon rate). It pays interest annually and has 10 years remaining to its maturity date. If bonds of similar risk are currently earning 7 percent, what should be the price of the bond

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