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Question(s) / Instruction(s):

A 5.5 percent $1,000 bond matures in 7 years, pays interest semiannually, and has a yield to maturity of 6.23 percent. What is the current market price of the bond?

a)      $962.40

b)      $945.08

c)       $959.60

d)      $959.09

e)      $947.21

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