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Acme Corp issued 1,500 bonds (face value $1,000 each) with coupon rate of 12% per annum on December 31, 2019. These bonds mature on December

Acme Corp issued 1,500 bonds (face value $1,000 each) with coupon rate of 12% per annum on December 31, 2019. These bonds mature on December 31, 2039 and pay interest semi-annually on June 30 and December 31.

Find the issuance price of the bonds assuming market rate of interest is 16%.

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