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Driscoll Corporation bonds were issued four years ago with a par value of $1,000 and a coupon rate of 6%. The original maturity of the

Driscoll Corporation bonds were issued four years ago with a par value of $1,000 and a coupon rate of 6%. The original maturity of the bond was 15 years. If Mandy Lifeboat requires a return of 5%, what is the most she should pay for one Driscoll bond? (Assume annual interest payments.)

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