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Grossnickle Corporation issued 20-year, noncallable, 6.6% 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, 6.6% annual coupon bonds at their par value of $1,000 one year ago. Today, the market interest rate on these bonds is 5.1%. What is the current price of the bonds, given that they now have 19 years to maturity? a. $1,190.64 b. $1,179.81 c. $1,220.16 d. $1,185.36 e. $1,226.95
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