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Malahat Inc. has 4.5 percent coupon bonds on the market that have ten years left to maturity. The bonds make annual payments. If the YTM

Malahat Inc. has 4.5 percent coupon bonds on the market that have ten years left to maturity. The bonds make annual payments. If the YTM on these bonds is 5.25 percent, what is the current bond price? Assume the par value of a bond is $1,000.

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