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Grossnickle Corporation issued 20 -year, noncallable, 6.9% annual coupon bonds at their par value of $1,000 one year ago. Today, the market interest rate on

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Grossnickle Corporation issued 20 -year, noncallable, 6.9% annual coupon bonds at their par value of $1,000 one year ago. Today, the market interest rate on these bonds is 4.8%. What is the current price of the bonds, given that they now have 19 years to maturity? a. $1,298.67 b. $1,274,05 c. $1,266.20 d. $1,257.98 e. $1,308.19

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