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ABC Inc. has 7% coupon bonds on the market that have 15 years to maturity and par value of $1,000. The bonds are compounded annually.

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ABC Inc. has 7% coupon bonds on the market that have 15 years to maturity and par value of $1,000. The bonds are compounded annually. If the market rate of interest on these bonds is 9%, what is the value of the bonds, VB

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