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What is the current price of the bonds

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Grossnickle Corporation issued 15-year, noncallable, 7.6% annual coupon bonds at their par value of $1,000 one year ago. Today, the market interest rate on these bonds is 5.6%. What is the current price of the bonds, given that they now have 14 years to maturity?

Reference no: EM133275489

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