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LBJ Enterprises is issuing new bonds for a capital budgeting project. The bonds will have 22.00 year maturities with a coupon rate of 6.92% APR

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LBJ Enterprises is issuing new bonds for a capital budgeting project. The bonds will have 22.00 year maturities with a coupon rate of 6.92% APR with semi-annual coupon payments (assume a face value of $1,000 on the bond) The current market rate for similar bonds is 8.10% APR. The company hopes to raise $30.50 million with the new issue. Based on the current market rate, what will one of the new bonds sell for

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