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McDowell's has issued 1 5 - year semiannual coupon bonds with a face value of $ 1 , 0 0 0 . If the annual

McDowell's has issued

15 -

year semiannual coupon bonds with a face value of $

1, 000 .

If the annual coupon rate is

15.0 %

and the current yield to maturity is

4.0 %,

what is the firm's current price per bond?

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