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Q5.7 Thumbs Up to the Right Answer Renfro Rentals has issued bonds that have an 11% coupon rate, payable semiannually. The bonds mature in 14

Q5.7 Thumbs Up to the Right Answer

Renfro Rentals has issued bonds that have an 11% coupon rate, payable semiannually. The bonds mature in 14 years, have a face value of $1,000, and a yield to maturity of 9.5%. What is the price of the bonds? Round your answer to the nearest cent

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