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Problem 13-06 Your broker offers to sell for $1,220 a Mrated bond with a coupon...

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Problem 13-06 Your broker offers to sell for $1,220 a Mrated bond with a coupon rate of 7 percent and a matunty of eight years. Given that the interest rate on comparable debt is 4 percent, calculate the bond's price. Assume that the bond pays interest annually. Use Appendix Band Appendix D to answer the question. Round your answer to the nearest dollar $ Is your broker fairly pricing the bond? Select Ho the bond Select be purchased

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