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FIN300 Inc. recently issued non-callable, semi-annually paying bonds that mature in 15 years. They have a par value of $1,000 and an annual coupon of
FIN300 Inc. recently issued non-callable, semi-annually paying bonds that mature in 15 years. They have a par value of $1,000 and an annual coupon of 5.5%. If the current market interest rate is 6.0%, at what price should the bonds sell?
Can someone please help me do this using a written out formula, not on a financial calculator.
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