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5. A shipping company sold an issue of 14-year $1,000 par bonds to build new ships. The bonds pay 12% interest, compounded semiannually. Today's required

5. A shipping company sold an issue of 14-year $1,000 par bonds to build new ships. The bonds pay 12% interest, compounded semiannually. Today's required rate of return is 7.50%. How much should these bonds sell for today? Round to two decimal places

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