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Your company issues 2 0 - year bonds that make one coupon payment per year. The bonds have a face value of $ 1 ,

Your company issues 20-year bonds that make one coupon payment per year. The bonds have a face value of $1,000 and a coupon rate of 11%. The bonds also have a call feature allowing your firm to call in the bonds 6 years after the date of issue, at 103% of par. Assume that the yield to maturity is 9% at the date of issue.

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