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USING EXCEL, Midland Oil has $1,000 par value (maturity value) bonds outstanding at 18 percent interest. The bonds will mature in 20 years with annual

USING EXCEL,image text in transcribed

Midland Oil has $1,000 par value (maturity value) bonds outstanding at 18 percent interest. The bonds will mature in 20 years with annual payments. Compute the current price of the bonds if the present yield to maturity is: (Use a Financial calculator to arrive at the answers. Do not round intermediate calculations. Round the final answers to 2 decimal places.)

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