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A debenture has a fixed annual coupon rate of 7% and it will be repaid at its face value of $100 in one year's time. Similar debentures have a redemption yield (that is, yield to maturity) of 8% each year. Ignoring tax, what is the current ex interest value of the debenture? A. $106.07 B. $100.93 C. $99.08 D. $100.00 |