Question: Bonds M, N, and Q all have a face value of $1000 and all have 20 years remaining until maturity. Their respective coupon rates are

Bonds M, N, and Q all have a of $1000 and all have 20 years remaining until maturity. Their respective rates are 7%, 6%, and 5%. Calculate their market prices if the rate of return required by the market on these bonds is 8% compounded semiannually. Summarize the observed pattern or trend in a brief statement.

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