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Sandhill Inc. has seven-year bonds outstanding that pay a 14 percent coupon rate. Investors buying these bonds today can expect to earn a yield to

Sandhill Inc. has seven-year bonds outstanding that pay a 14 percent coupon rate. Investors buying these bonds today can expect to earn a yield to maturity of 7.250 percent. What is the current value of these bonds? Assume annual coupon payments.

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