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Two bonds have par values of $1000. One is a 6%, 15-year bond priced to yield 9%. The other is a 7.5%, 20-year bond priced

Two bonds have par values of $1000. One is a 6%, 15-year bond priced to yield 9%. The other is a 7.5%, 20-year bond priced to yield 6%. Show which of the two bonds has the lower price? (assume annual compounding)

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