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1. Renfro Rentals has issued bonds that have an 8% coupon rate, payable semiannually. The bonds mature in 10 years, have a face value of
1. Renfro Rentals has issued bonds that have an 8% coupon rate, payable semiannually. The bonds mature in 10 years, have a face value of $1,000, and a yield to maturity of 8.5%. What is the value of the bond?
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