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Got this wrong, pls help. LBJ Enterprises is issuing new bonds for a capital budgeting project. The bonds will have 24.00 year maturities with a

Got this wrong, pls help.

LBJ Enterprises is issuing new bonds for a capital budgeting project. The bonds will have 24.00 year maturities with a coupon rate of 6.72% APR with semi-annual coupon payments (assume a face value of $1,000 on the bond).

The current market rate for similar bonds is 9.94% APR. The company hopes to raise $34.50 million with the new issue.

Based on the current market rate, what will one of the new bonds sell for?

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