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You would like to buy a monthly compounding 15 -year, $1,000 par value bond. The yield to maturity of this bond is 12 percent. If

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You would like to buy a monthly compounding 15 -year, $1,000 par value bond. The yield to maturity of this bond is 12 percent. If the annual coupon rate of the bond is an 8.5 percent, what is the value of this bond? Is this bond selling at discount or premium? $1,296 : Premium \$1.225: Premium \$757: Discount \$903: Discount

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