TES, Inc. offers an 8.5 percent bond with a yield to maturity of 7.65 percent. The bond
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Question:
TES, Inc. offers an 8.5 percent bond with a yield to maturity of 7.65 percent. The bond pays interest annually
and matures in 22 years. What is the market price of one of these bonds if the face value is $1,000?
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