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4.2 The coupon is 9 percent of $1,000, or $90 a year. First value the 6-year annuity of coupons: Then value the final payment and add up: PV . $1,000 _ $506.63. The yield to maturity is about 8 percent, because the present value of the bond's cash returns is $1,199 when discounted at 8 percent: M31J. 128 part two Value
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