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Why market price changes with interest rate

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The market price of outstanding issues often varies from par (face value) because ______

the maturity data has changed, the coupon rate has changed, the market rate of interest has changed, or old bonds sell for less than new bonds

I believe - the market rate of interest has changed is the answer - please advise answer & why - thanks!

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Solution Summary

The solution explains why the market price of outstanding securties changes when interest rates change

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Yes the answer is that the market rate of interest has changed.
The market price of the bond reflects the required rate of return ...

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