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What is the price of a bond that has a 5% coupon rate, annual coupons, and 7 years until maturity? Assume the YTM is 6%.

What is the price of a bond that has a 5% coupon rate, annual coupons, and 7 years until maturity? Assume the YTM is 6%. Select the answer closest to the correct price.

$900

$944

$994

$1000

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