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Andrew Industries is contemplating issuing a 30-year bond with a coupon rate of 7.50% (annual coupon payments) and a face value of $1,000. Andrew

Andrew Industries is contemplating issuing a 30-year bond with a coupon rate of 7.50% (annual coupon payments) and a face value of $1,000. Andrew Industries gets a rating of BBB from Standard Poor's. Currently, market data show that yields on BBB-rated bonds are 7.00%. What is the price of the bond? $ (Round to the nearest cent.)

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