Consider a bond with a par value of $1,000 to be paid in seven years,...
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Finance
Consider a bond with a par value of $1,000 to be paid in seven years, a coupon rate of 5%, and a required annual yield of 12%. Assume that coupon payments are made annually to bondholders and that the next coupon payment is expected in 12 months. What is the current price of the bond?
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