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Bond Valuation - Annual Coupon Payments M. J. Babson, Inc. recently issued bonds that mature in 20 years. They have a par value of

Bond Valuation - Annual Coupon Payments M. J. Babson, Inc. recently issued bonds that mature in 20 years. They have a par value of $1,000 and an annual coupon of 6.5 percent. If the current market interest rate of bonds of similar risk is 7 percent, at what price should the bonds sell?

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