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4C1 General Mills has a $1,000 par value, 24-year to maturity bond outstanding with an annual coupon rate of 11.23 percent per year, paid semiannually.
4C1
General Mills has a $1,000 par value, 24-year to maturity bond outstanding with an annual coupon rate of 11.23 percent per year, paid semiannually. Market interest rates on similar bonds are 8.78 percent. Calculate the bonds price today.
Round the answer to two decimal places.
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