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Two bonds have par values of $1,000. One is a 4.5%, 14-year bond priced to yield 9.0%. The other is a(n) 8.5%, 24-year bond priced

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Two bonds have par values of $1,000. One is a 4.5%, 14-year bond priced to yield 9.0%. The other is a(n) 8.5%, 24-year bond priced to yield 7.0%. Which of these two has the lower price? (Assume annual compounding in both cases.) The price, PV, of the 4.5%, 14-year bond is $| (Round to the nearest cent.)

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