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Two bonds have par values of $ 1 , 0 0 0 . One is a 4 % , 1 8 - year bond priced

Two bonds have par values of $1,000. One is a 4%,18-year bond priced to yield 9.0%. The other is a(n)8%,25-year bond priced to yield 5.5%. Which of these two has the lower price? (Assume annual compounding in both cases.)

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