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Burns Fire and Casualty Company has $ 1 , 0 0 0 par value ( face value ) bonds outstanding at 1 0 percent interest.

Burns Fire and Casualty Company has $1,000 par value (face value) bonds outstanding at 10 percent interest. The bonds will mature in 20 years. Compute the current price of the bonds if the present market interest rate on similar bonds is 8 percent.
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