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Wine and Roses, Inc. offers a 6.5% coupon bond with semiannual payments and a yield to maturity of 6.99%. The bonds mature in 8 years.

Wine and Roses, Inc. offers a 6.5% coupon bond with semiannual payments and a yield to maturity of 6.99%. The bonds mature in 8 years. What is the market price of a $1,000 face value bond?

$1363.56

$1024.05

$1,577.15

$970.36

$1393.21

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