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Bond price: Briar Corp is issuing a 10-year bond with a coupon rate of 7 percent. The interest rate for similar bonds is currently 9 percent. Assuming annual payments, what is the present value of the bond? (Round to the nearest dollar.)


$990



$872



$1,066



$945

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3 answers
  1. 990

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  2. 872

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  3. 872 is the right answer, not 990.

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