Bond with face value-what is the bond price

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A bond with face value $1,000 has a current yield of 6.9% and a coupon rate of 8.9%. a. If interest is paid annually, what is the bond’s price? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Bond price $ b. Is the bond’s yield to maturity more or less than 8.9%? More Less

Reference no: EM131604492

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