on january 1 a bond with face value of 1000 is, Financial Management

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on january 1 a bond with face value of 1000 is

On January 1 a bond with face value of $1,000 is for sale in the market. That bond has a coupon rate of 6%, pays interest only once a year and the end of the year, and matures at the end of 10 years. If the "market" interest rate on January 1 is 5%, what would you expect the selling price of that bond to be?

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