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You have a chance to buy a BB-rated Grandview, Inc. bond that has a face value of $1,000. The bond has a 7% coupon rate

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You have a chance to buy a BB-rated Grandview, Inc. bond that has a face value of $1,000. The bond has a 7% coupon rate of interest and matures in six years. Interest is paid semi-annually. BB-rated bonds of similar maturity pay an interest rate of 8%. How much should you be willing to pay for the Grandview bond

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