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A $1,000 par value, 35-year bond is five years old. It pays interest once a year at an annually compounded coupon rate of 15%. The
A $1,000 par value, 35-year bond is five years old. It pays interest once a year at an annually compounded coupon rate of 15%. The market is returning 11% on comparable bonds. What is the bonds market price? Do not round intermediate calculations. Round PVFA and PVF values in intermediate calculations to four decimal places. Round your answer to the nearest cent.
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