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Jo Corporation issued 20-year, noncallable, 8.0% semi-annual coupon bonds at their par value of $1,000 one year ago . Today, the market interest rate on

Jo Corporation issued 20-year, noncallable, 8.0% semi-annual coupon bonds at their par value of $1,000 one year ago. Today, the market interest rate on these bonds is 5.5%. What is the current price of the bonds, given its maturity?

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