What was the price of this bond when it was issued

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Reference no: EM132011531

Suppose that General Motors Acceptance Corporation issued a bond with 10 years until maturity, a face value of $1,000, and a coupon rate of 7.0% (annual payments). The yield to maturity on this bond when it was issued was 6.0%.

What was the price of this bond when it was issued? When it was issued, the price of the bond was Round to the nearest cent?

Reference no: EM132011531

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