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Murray Telecom has an outstanding issue of bonds with a par value of $1,000 and paying a 8.80 percent p.a. coupon rate with semiannual compounding.

Murray Telecom has an outstanding issue of bonds with a par value of $1,000 and paying a 8.80 percent p.a. coupon rate with semiannual compounding. The bonds were issued 25 years ago and have 14 years to maturity. What should be the current price per bond, assuming a 7.26 percent p.a. rate of interest on comparable securities?

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