What is the price of each bond today

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Question: Miller Corporation has a premium bond making semiannual payments. The bond pays a coupon of 9 percent, has a YTM of 7 percent, and has 15 years to maturity. The Modigliani Company has a discount bond making semiannual payments.

This bond pays a coupon of 7 percent, has a YTM of 9 percent, and also has 15 years to maturity. What is the price of each bond today? (Do not round intermediate calculations and round your final answers to 2 decimal places. (e.g., 32.16))

Reference no: EM132000441

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