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Save Homework: Class 10* Homework Score: 0 of 1 pt + 10 of 11 (2...

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Finance

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Save Homework: Class 10* Homework Score: 0 of 1 pt + 10 of 11 (2 complete) HW Score: 18.18%, 2 of 11 pts P 6-18 (similar to) Question Help Suppose that General Motors Acceptance Corporation issued a bond with 10 years until maturity, a face value of $1,000, and a coupon rate of 7.9% (annual payments). The yield to maturity on this bond when it was issued was 6.4%. What was the price of this bond when it was issued? When it was issued, the price of the bond was $ . (Round to the nearest cent.)

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