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Business, 27.07.2021 01:00 leahandmaryssa

A $1,000 face value corporate bond wit a 6.75% coupon (paid semiannually) has 10 years left to maturity. It has had a credit rating of BB and a yield to maturity of 8.2%. The firm recently became more financially stable and the rating agency is upgrading the bonds to BBB. the new appropriate discount rate will be 7.1 %. What will be the change in the bond's price in dollars and percentage terms

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