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Renfro Rentals has issued bonds that have an 8% coupon rate, payable semiannually. The bonds mature in 11 years, have a face value of $1,000,

Renfro Rentals has issued bonds that have an 8% coupon rate, payable semiannually. The bonds mature in 11 years, have a face value of $1,000, and a yield to maturity of 10.5%. What is the price of the bonds? Round your answer to the nearest cent.

Please show your work and explain your steps (not excel please)

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