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Pet Food Company bonds pay an annual coupon rate of 10.51 percent. Coupon payments are paid semiannually. Bonds have 13 years to maturity and par

Pet Food Company bonds pay an annual coupon rate of 10.51 percent. Coupon payments are paid semiannually. Bonds have 13 years to maturity and par value of $1,000. Compute the value of Pet Food Company bonds if the market interest rate on this type of bond is 8.87 percent. round two decimal places

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