How much should these bonds sell for today

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Five years ago, Sinalco Inc., sold an issue of 20-year $1000 bonds at par to finance a new food product line. The bonds pay 7.0% coupon, semi-annually. Today's discount rate for similarly rated bonds is 6.7%. How much should these bonds sell for today? (Round off to the nearest $1.)

Reference no: EM132477858

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