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Emacs Co . issued 1 8 - year, $ 1 , 0 0 0 face value bonds one year ago at a coupon rate of

Emacs Co. issued 18-year, $1,000 face value bonds one year ago at a coupon rate of 7.9 percent. The bonds make semiannual payments. If the YTM on these bonds is 10.4 percent, what is the current bond price?

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