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BP has a $1,000 par value bond outstanding that pays 12 percent annual interest. The current...

BP has a $1,000 par value bond outstanding that pays 12 percent annual interest. The current yield to maturity on such bonds in the market is 10 percent. Compute the price of the bonds for the following maturity dates. Show all your work for full credit.

a. 30 years

b. 10 years

c. 5 years

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