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8. Ryngaert Inc. recently issued noncallable bonds that mature in 15 years. They have a par value of 1 ,000 and an annual coupon of

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8. Ryngaert Inc. recently issued noncallable bonds that mature in 15 years. They have a par value of 1 ,000 and an annual coupon of 5.7%. If the current market interest rate is 7.0%, at what price should the bonds sell? (3 points)

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