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What is the price of a bond that has a coupon rate (in annual terms) of 8% for the first 5 years, 9% for the
What is the price of a bond that has a coupon rate (in annual terms) of 8% for the first 5 years, 9% for the next 5 years, and 7% for the final 5 years. Assume that coupons are paid annually and the face-value of the bond is $1,000. Also assume that the yield to maturity is 8.5% and that the bond matures in 15 years. O $936.55 O $1,020.03 $1.125.55 $1.001.05 0 $980.46 O $967.26 O $909.55 O $891.22
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