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Happy Cruise lines issued bonds 5 years ago with par $1000 and a 20 year life when issued. At that time the coupon rate was

Happy Cruise lines issued bonds 5 years ago with par $1000 and a 20 year life when issued. At that time the coupon rate was 12%. Now 5 years later (remaining life is 15 years) the current market rate for these bonds is only 10%. What should you pay for the bonds now?


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