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Fresh Water, Inc. sold an issue of 3-year $1,000 par value bonds to the public. The bonds have a 8.60 percent coupon rate and pay

Fresh Water, Inc. sold an issue of 3-year $1,000 par value bonds to the public. The bonds have a 8.60 percent coupon rate and pay interest annually. The current market rate of interest on the Fresh Water, Inc. bonds is 11.69 percent. What is the current market price of the bonds?

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