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What is the present value of a bond that has an $80 payment, 12 percent market interest rate, $1,000 face value, and 20-year maturity? a.

What is the present value of a bond that has an $80 payment, 12 percent market interest rate, $1,000 face value, and 20-year maturity?

a. 701.22

b. 597.55

c. 103.66

d. 1000

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