Question: Please explain in detail and type or write as neatly as possible. Thanks. a 2. Rapid River, Inc., has a 7.5% coupon bond that matures

Please explain in detail and type or write as neatly as

Please explain in detail and type or write as neatly as possible. Thanks.

a 2. Rapid River, Inc., has a 7.5% coupon bond that matures in 9 years. The bond pays interest semi-annually. What is the market price of a $1,000 face value bond if the yield to maturity is 5.8%? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

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