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The Horizon Manufacturing Corporation has a bond outstanding with a face value o...
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The Horizon Manufacturing Corporation has a bond outstanding with a face value of $1,000 that will mature in 18 years. The bond certificate specifies an annual coupon rate of 8.5%, and the bond will be repaid at face value at maturity. If the appropriate YTM for Horizon’s bond is 9.5%, then the bond will sell at:
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