Market interest rate for bonds of similar risk and maturity

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Moody Corporation's bonds have a 15-year maturity, a 7.25% coupon paid semiannually, and a par value of $1,000. If the going market interest rate for bonds of similar risk and maturity is 5.95% (based on semiannual compounding), what is the bond's price?

Rounded to 2 decimal places, with no special characters.

Reference no: EM131592547

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