Compute the price of this bond

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Question - On January 01 2022 XYZ United has a bond outstanding with a face value of $1000 that has 8.50% coupon payment. The bond matures at the end of 2030. At the end of each year the bond pays the investors $85 in interest. Compute the price of this bond (assume currently market requires 8% return on these bonds).

Reference no: EM133136815

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