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Diamond Corporation is planning a bond issue with an escalating coupon rate. The annual coupon rate will be 4.1% for the first 3 years, 5.1%

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Diamond Corporation is planning a bond issue with an escalating coupon rate. The annual coupon rate will be 4.1% for the first 3 years, 5.1% for the subsequent 4 years, and 6.1% for the final 6 years. if bonds of this risk are yielding 5.1%, estimate the bond's current price. Face value of the bond is $1,000. (Round your answer to the nearest cent.) Bond's current price

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