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3. (10 pts) Renfro Rentals has issued bonds that have a 7.9% coupon rate, payable semi-annually. The bonds mature in 8 years, have a face

3. (10 pts) Renfro Rentals has issued bonds that have a 7.9% coupon rate, payable semi-annually. The bonds mature in 8 years, have a face value of $1,000, and a yield to maturity of 8.5%. What is the price of the bonds

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