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Cullumber Inc. has seven - year bonds outstanding that pay a 1 2 percent coupon rate. Investors buying these bonds today can expect earn a

Cullumber Inc. has seven-year bonds outstanding that pay a 12 percent coupon rate. Investors buying these bonds today can expect earn a yield to maturity of 6.20 percent. What is the current value of these bonds? Assume annual coupon payments and face value is $1,000.(Round answer to 2 decimal places, eg15.25.)

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