What price should the annual payment bond sell

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ABC Co.'s Class K bonds have a 12-year maturity, $1,000 par value, and a 6.75% coupon paid semiannually (2.875% each 6 months), and those bonds sell at their par value. ABC's Class P bonds have the same risk, maturity, and par value, but the P bonds pay a 6.75% annual coupon. Neither bond is callable. At what price should the annual payment bond sell?

Reference no: EM131355458

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