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(Bond valuation). 21-year bonds have an annual coupon interest of 8%, make interest payments on a semiannual basis, and have a $1000 par value. If

(Bond valuation). 21-year bonds have an annual coupon interest of 8%, make interest payments on a semiannual basis, and have a $1000 par value. If the bonds are trading with a market's required yield to maturity of 16%, are these premium or discount bonds? What is the price of the bonds?
The price of the bonds is $_____.

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