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A shipping company sold an issue of 20-year $1,000 par bonds to build new ships. The bonds pay 7.5% interest, compounded annually. Today's required rate

A shipping company sold an issue of 20-year $1,000 par bonds to build new ships. The bonds pay 7.5% interest, compounded annually. Today's required rate of return is 6.5%. How much should these bonds ...

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