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10-year bonds issued company X offer 5% coupon rate, payable annually. The bond is BB rated....

10-year bonds issued company X offer 5% coupon rate, payable annually. The bond is BB rated. The yield of 10-year T-bond is 3% and the credit spread between T-bond and BB rated bond is 500 basis-point (each basis point is one hundredth of one percent interest rate). What is the fair price of the bond for $10,000 par value?

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