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J and J Manufacturing issued a bond with a $ 1 , 0 0 0 par value. The bond has a coupon rate of 7

J and J Manufacturing issued a bond with a $1,000 par value. The bond has a coupon rate of 7% and makes payments semiannually.
If the bond has 30 years remaining and the annual market interest rate is 9.4% what will the bond sell for today?
Illustrate formula with calculations.
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