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Please work out Problem Moerdyk Corporation's bonds have a 15-year maturity, a 9.75% semiannual coupon, and a par value of $1,000. The going interest rate

Please work out Problem

Moerdyk Corporation's bonds have a 15-year maturity, a 9.75% semiannual coupon, and a par value of $1,000. The going interest rate (r_d) is 7.50%, based on semiannual compounding. What is the bond's price?

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