What is current market price of the bonds

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Reference no: EM131525480

Bright Sun, Inc. sold an issue of 30-year $1,000 par value bonds to the public. The bonds had a 10.38 percent coupon rate and paid interest annually. It is now 13 years later. The current market rate of interest on the Bright Sun bonds is 11.78 percent. What is the current market price (intrinsic value) of the bonds?

Round the answer to two decimal places.

Reference no: EM131525480

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