Determine how the bond price relates

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Consider a 10-year bond with face value X dollars and coupon rate 2%. If you needed to get a yield of 3% on this bond, would you have to pay more or less than X dollars for the bond? (No calculations are required here! You can determine how the bond price relates to its face value just by comparing the coupon rate to the yield).

Reference no: EM133060972

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