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Find what is the bonds current market price

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Question 1: Smith Corporation bonds have five years remaining to maturity, have a par value of $1,000, and a coupon interest rate of 6% paid annually. Bonds with a similar risk profile are currently being issued at 8%. What is the bond's current market price?

Option 1: $1,034.65

Option 2: $1,089.55

Option 3: $920.15

Option 4: $943.50

Reference no: EM132496915

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