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Morin Company's Bonds Mature in 8 Years,have a Par Value

Question 74
Multiple Choice

Morin Company's bonds mature in 8 years,have a par value of $1,000,and make an annual coupon interest payment of $65.The market requires an interest rate of 6.1% on these bonds.What is the bond's price? A) $1,024.74 B) $1,147.71 C) $1,116.97 D) $1,096.47 E) $1,280.93

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