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D Corporation has a 1 3 % coupon bond in the market with 2 0 years to mature. The bond is paid monthly and has

D Corporation has a

13 %

coupon bond in the market with

20

years to mature. The bond is paid monthly and has a face value of $

1, 000 .

If the annual interest rate on these bonds is

16 %,

what is the current price of the bonds?

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