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You own a bond that pays $110 in annual interest, with a $1,000 par value. It matures in 20 years. The market's required yield to

You own a bond that pays $110 in annual interest, with a $1,000 par value. It matures in 20 years. The market's required yield to maturity on a comparable-risk bond is 10 percent.

a. What is the value of the bond if the market's required yield to maturity on a comparable-risk bond is 10 percent?

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