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Grossnickle Corporation issued 20-year, noncallable, 6.4% annual coupon bonds at their par value of $1,000 one year ago. Today, the market interest rate on these
Grossnickle Corporation issued 20-year, noncallable, 6.4% annual coupon bonds at their par value of $1,000 one year ago. Today, the market interest rate on these bonds is 4.4%. What is the current price of the bonds, given that they now have 19 years to maturity? a. $1,289.73 b. $1,262.43 c. $1,253.97 d. $1,270.52 e. $1,299.38
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