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Pet Food Company bonds pay an annual coupon rate of 8.10 percent. Coupon payments are paid semiannually. Bonds have 5 years to maturity and par

Pet Food Company bonds pay an annual coupon rate of 8.10 percent. Coupon payments are paid semiannually. Bonds have 5 years to maturity and par value of $1,000. Compute the value of Pet Food Compony bonds if the market interest rate on this type of bond is 11.85 percent.

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