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An insurance company purchases corporate bonds in the secondary market with six years to maturity. Total par value is $55000000. The coupon rate is 11%,
An insurance company purchases corporate bonds in the secondary market with six years to maturity. Total par value is $55000000. The coupon rate is 11%, with annual interest payments. If the required rate of return is 1.7 percent, what will the market value of the bonds be then? State the answer as a number with 2 decimals without $ sign.
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