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Grossnickle Corporation issued 25-year, noncallable, 6.3% annual coupon bonds at their par value of $1,000 one year ago. Today, the market interest rate on these
Grossnickle Corporation issued 25-year, noncallable, 6.3% annual coupon bonds at their par value of $1,000 one year ago. Today, the market interest rate on these bonds is 3.9%. What is the current price of the bonds, given that they now have 24 years to maturity? a. $1,407.55 b. $1,369.70 c. $1,417.72 d. $1,387.80 e. $1,378.92
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