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Pet Food Company bonds pay a annual coupon rate of 14.35 percent. Coupon payments are paid semiannually. Bonds have 23 years to maturity and a

Pet Food Company bonds pay a annual coupon rate of 14.35 percent. Coupon payments are paid semiannually. Bonds have 23 years to maturity and a par value of $1000. Compute the value of Pet Food Company bonds if the market interest rate on this type of bond is 10.31 percent.

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