You just purchased a 15-year bond with an 11 percent annual coupon. The bond has a face value of $1,000 and a current yield of 10 percent. Assuming that the yield to maturity of 9.7072 percent remains constant, what will be the price of the bond one year from now?
a. $1,000
b. $1,064
c. $1,097
d. $1,100
e. $1,150
Answer: C
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