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A 18 year bond issued today by Pivot, Inc. has a coupon rate of 9%,...

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Accounting

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A 18 year bond issued today by Pivot, Inc. has a coupon rate of 9%, a required return of 11% and a face value of $1000. The bond will be sold 7 years from now when interest rates will be 8%. What is the beginning value of the bond when it is issued (to the nearest dollar)? $966 $846 $922 $1,000 $945

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