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Diamond Corporation is planning a bond issue with an escalating coupon rate. The annual coupon rate will be 4.9% for the first 5 years, 5.9%

Diamond Corporation is planning a bond issue with an escalating coupon rate. The annual coupon rate will be 4.9% for the first 5 years, 5.9% for the subsequent 3 years, and 6.9% for the final 4 years. If bonds of this risk are yielding 6.1%, estimate the bond's current price. Face value of the bond is $1,000

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