Calculating the market price of the bond, Finance Basics

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Calculating the market price of the bond

A 10 year bond has a fixed coupon of 5%. It is now 7 years from maturity and current interest rates are 6%.

Required:

Question: What is the market price of the bond?

Note: Please provide equation and explain comprehensively and give step by step solution.

a. $944

b. $1,000

c. $1,058

d. $1,350

Note: Please provide reasons to support your answer.

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Finance Basics: Calculating the market price of the bond

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Finance Basics: Calculating the market price of the bond

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