What is the new price of the bonds

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Reference no: EM131617157

Leggio Corporation issued 10-year, 6% annual coupon bonds at their par value of $1,000 one year ago. Today, the market interest rate on these bonds has dropped to 5.5%. What is the new price of the bonds, given that they now have 9 years to maturity?

Reference no: EM131617157

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