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Fresh Water, Inc. sold an issue of 16-year $1,000 par value bonds to the public. The bonds have a 7.59 percent coupon rate and pay

Fresh Water, Inc. sold an issue of 16-year $1,000 par value bonds to the public. The bonds have a 7.59 percent coupon rate and pay interest annually. The current market rate of interest on the Fresh Water, Inc. bonds is 8.49 percent. Identify the current market price of the bonds?

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