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Miller Corporation has a premium bond making semiannual payments. The bond pays a coupon of 7 percent, has a YTM of 5 percent, and has 13 years to maturity. The Modigliani Company has a discount bond making semiannual payments. This bond pays a coupon of 5 percent, has a YTM of 7 percent, and also has 13 years to maturity. What is the price of each bond today? (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
Price of Miller Corporation bond $
Price of Modigliani Company bond $
If interest rates remain unchanged, what do you expect the prices of these bonds to be 1 year from now? In 4 years? In 9 years? In 11 years? In 13 years? (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
Price of bond
Miller Corporation Bond/ Modigliani Company Bond
1 year $ $
4 years $ $
9 years $ $
11 years $ $
13 years $ $
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