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Valuing Bonds: Microhard has issued a bond with the following characteristics. Par-$1,000 Time to maturity: 20 years Coupon rate: 8 percent Semiannual payments Calculate the

Valuing Bonds:

Microhard has issued a bond with the following characteristics.

Par-$1,000

Time to maturity: 20 years

Coupon rate: 8 percent

Semiannual payments

Calculate the price of the bond if the YTM is

A) 8 percent

B) 10 percent

C) 6 percent

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