Question

A bond with face value ₹1,000 pays annual coupon 9%. Market yield for similar risk is 12%. Approximate bond price (one-year discounting for perpetuity ignored — assume bond has long life) — which direction and why?

A Price > ₹1,000 because coupon > yield
B Price < ₹1,000 because coupon < yield
C Price = ₹1,000 because coupon = yield
D Price = 0
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