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Posted on Oct 19, 2024

Grand Canal Incorporated issued 1 0 - year bonds six years ago with an annual coupon rate of 8 . 6 2 5 % APR.

Grand Canal Incorporated issued

10 -

year bonds six years ago with an annual coupon rate of

8.625 %

APR. The bonds

have a face value ofi $

1, 000.00

each and were issued at par value. Today, investors want a

5.60 %

return for bonds of

similar risk and maturity.

What is the current market price of Grand Canal bonds?

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