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QUESTION
A bond with a maturity of 5 years, has a face value of $1,000,000 and a coupon rate of 5% per year paid annually.
A bond with a maturity of 5 years, has a face value of $1,000,000 and a coupon rate of 5% per year paid annually. Calculate the market value of this bond if investors are expecting a yield of 3% per year.
