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Johnson Corporation issued a 10-year, noncallable, 8.5% annual coupon bonds with semi-annual payments at their par value of $25,000 one year ago. Today, the bond

Johnson Corporation issued a 10-year, noncallable, 8.5% annual coupon bonds with semi-annual payments at their par value of $25,000 one year ago. Today, the bond market interest rate on these bonds is 7.5%. What is the current price of the bonds?

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