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Fresh Water, Inc. sold an issue of 1 0 - year $ 1 , 0 0 0 par value vonds to the public. The bonds

Fresh Water, Inc. sold an issue of

10 -

year $

1, 000

par value vonds to the public. The bonds have a

10.01

percent coupon rate and pay interest annually. The current market rate of interest on the Fresh Water Inc. bonds is

11.99

percent. What is the current market price of the bonds? Round to two decimal places.

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