The Brownstone Corporation’s bonds have 5 years remaining to maturity. Interest is paid annually, the bonds have a $1,000 par value, and the coupon interest rate of 9%. ,a. What is the yield to maturity for at current market price of 1) $829 or 2) $1,104?,b. Would you pay $829 for one of these bonds if you thought that the appropriate rate of interest was 12% – that is, if rd=12%? Explain your answer,
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