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Question(s) / Instruction(s):

Microhard has issued a bond with the following characteristics:

Par:                                $1,000

Time to maturity:             28 years

Coupon rate:                   8.50%

Semiannual payments (payments per year: 2)

Required:

Calculate the price of this bond if the YTM is:

a)            6.00%

b)            11.00%

c)            8.50%

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