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A company has a semiannual coupon bond issue that has a maturity of 15 years, a coupon rate of 6%, a par value of $1,000,

A company has a semiannual coupon bond issue that has a maturity of 15 years, a coupon rate of 6%, a par value of $1,000, and with a current yield of 6.25%. Determine the bonds current bond price.

a. Cannot be determined.

b. $1,000

c. $480

d. $960

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