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6-7 Grand Machinery has an outstanding bond that matures in 12 years. The bond's face value is $1,000 and its coupon rate of interest is

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6-7 Grand Machinery has an outstanding bond that matures in 12 years. The bond's face value is $1,000 and its coupon rate of interest is 6.2 percent (paid semiannually). If investors require a return equal to 6.9 percent to invest in similar bonds, what should be the current market value of Grand's outstanding bond? (LO 6-3)

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