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ABC company issued 20 year bonds. The bonds have a face value of $10,000 and a contract rate of interest of 10%. The bonds make

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ABC company issued 20 year bonds. The bonds have a face value of $10,000 and a contract rate of interest of 10%. The bonds make cash interest payments semiannually. If the market rate of interest is 12% (YTM), what is the selling price of the bonds? Would we say that this bond sells at par, premium or a discount? (Use Excel for your calculations and state the input amounts you used in the excel function.)

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