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A company issued 1 5 - year bonds three years ago at a coupon rate of 4 . 9 0 % . The bonds make

A company issued 15-year bonds three years ago at a coupon rate of 4.90%. The bonds
make semiannual payments and have a par value of $1,000. If the current yield to maturity is
4.50%, compute the current bond price. Round to the nearest $0.01.

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