Determine and estimate the bonds current price

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Question 1: Diamond Corporation is planning a bond issue with an escalating coupon rate. The annual coupon rate will be 3.3% for the first 3 years, 4.3% for the subsequent 4 years, and 5.3% for the final 3 years. If bonds of this risk are yielding 3.7%, estimate the bond's current price. Face value of the bond is $1,000. (Round your answer to the nearest cent.)

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