Nine years ago ITT Corporation issued a 30-year, 11% bond with a $10,000 face value. It was sold at a price that would provide the purchaser with a yield to maturity of 8.63% (compounded semiannually) . Calculate the price.
A) $9,476
B) $11,462
C) $12,280
D) $10,653
E) $9,218
Correct Answer:
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