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Ace Company issued a 25-yr. bond three years ago with a 5.50 percent coupon rate. What is the price of the bond today if it

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Ace Company issued a 25-yr. bond three years ago with a 5.50 percent coupon rate. What is the price of the bond today if it is expected to yield 6.0 percent? (Assume semi-annual interest payments and $1,000 par value.) Required: Calculate the current bond price. (4 marks). Round your final answer to two decimal points

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