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Two bonds have par values of $1,000. One is a 6%, 20-year bond priced to yield 8.0%. The other is a(n) 8.5%, 22-year bond priced

Two bonds have par values of $1,000. One is a 6%, 20-year bond priced to yield 8.0%. The other is a(n) 8.5%, 22-year bond priced to yield 4.5%. Which of these two has the lower price? (Assume annual compounding in both cases.)

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