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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 rate

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...

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