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What is the current market price of the bonds

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Reference no: EM132794226

Fresh Water, Inc. sold an issue of 28-year $1,000 par value bonds to the public. The bonds have a 11.15 percent coupon rate and pay interest annually. The current market rate of interest on the Fresh Water, Inc. bonds is 8.24 percent. What is the current market price of the bonds? Round the answer to two decimal places.

Reference no: EM132794226

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