Seven years ago Eastern Corporation issued 20-year bonds that had a $1000 face value,

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Seven years ago Eastern Corporation issued 20-year bonds that had a $1000 face value, paid interest annually, and that had a coupon rate of 7 percent. If the market rate of interest is 5.5 percent today, what is the current market price of an Eastern Corporation bond? Are these bonds selling at a premium or discount? (LO 2)

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