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Compute the price of the bonds

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Pia Cloe is considering a bond investment in the Miette Music Company The $1.000 bonds have a quoted annual interest rate of 11 percent. and the interest is paid semiannually. The yield to maturity on the bonds is 8 percent annually. There are 10 years to maturity.

Problem 1: Compute the price of the bonds. (Use a Financial calculator to arrive at the answers. Do not round intermediate calculation. Round the final answer to 2 decimal places.)

Reference no: EM132783511

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