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One year ago Lerner and Luckmann Co. issued 15 -year, noncallable, 9% annual coupon bonds at their par value of $1,000. Today, the market interest
One year ago Lerner and Luckmann Co. issued 15 -year, noncallable, 9% annual coupon bonds at their par value of $1,000. Today, the market interest rate on these bonds is 5.5%. What is the current price of the bonds, given that they now have 14 years to maturity? Select the correct answer. a. $1,337.77 b. $1,333.51 c. $1,339.90 d. $1,335.64 e. $1,342.03
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