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What is the current price of a $1,000 par value bond maturing in 9 years with a coupon rate of 8 percent, paid annually, that

What is the current price of a $1,000 par value bond maturing in 9 years with a coupon rate of 8 percent, paid annually, that has a YTM of 9 percent?

Select one:

a. $700

b. $945

c. $1,062

d. $940

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