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Toxaway Telephone Company has a $1,000 par value bond outstanding that pays 6 percent annual interest.
If the yield to maturity is 8 percent, and remains so over the remaining life of the bond, the bond will have the following values over time:
	Remaining Maturity				Bond Price
	15				$795.67
	10				$830.49
	5				$891.86
	1				$973.21
Graph the relationship in a manner similar to the bottom half of Figure 10-2 of the textbook. Also explain why the pattern of price change takes place.

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