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Calculate the price accurate to two decimal places

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Reference no: EM133134542

Question - When Polycorp issued its debentures three years ago, they had six years remaining to maturity. Using the following information, calculate the price of the debentures today.

Face value = $100

Coupon Rate = 0.06

Yield = 0.07

Both the coupon rate and the yield are expressed as decimals, e.g. 12% pa is expressed as .12. Calculate the price accurate to two decimal places.

Reference no: EM133134542

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