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A corporation issued 15 year, noncallable, 7.5% annual coupon bonds at their par value of $1000 a year ago. Today, the market interest rate on

A corporation issued 15 year, noncallable, 7.5% annual coupon bonds at their par value of $1000 a year ago. Today, the market interest rate on these bonds is 5.5%. What is the current price of the bonds given that they now have 14 years to maturity?

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