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Firm Z issued 1 2 year, semiannual - pay, $ 1 0 0 0 par bonds 5 years ago at a coupon rate of 3

Firm Z issued

12

year, semiannual

-

pay, $

1000

par bonds

5

years ago at a coupon rate of

3

percent. If the YTM on these bonds is

4.83

percent, what is the current bond price?

Answer to two decimals

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