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You are asked by your boss to determine the price of a bond. Upon evaluation you determined the bond has a par value of $100,

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You are asked by your boss to determine the price of a bond. Upon evaluation you determined the bond has a par value of $100, pays an annual coupon at the rate of 8% and has 10 years till maturity. Your research found the bond should have a YTM of 7%. What is the closest price you would pay for this bond

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