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What will be the new price of the bonds

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The $1,000 par value bonds have a quoted annual interest rate of 10 percent, which is paid semiannually. The yield to maturity on the bonds is 10 percent annual interest. There are 15 years to maturity. With 10 years to maturity, if yield to maturity goes down substantially to 8 percent, what will be the new price of the bonds?

Reference no: EM131473066

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