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Shield Company Limited sold an issue of bonds with a 10-year maturity, $2,000 par value, a 10% coupon rate, and semi-annual interest payments. Suppose that

Shield Company Limited sold an issue of bonds with a 10-year maturity, $2,000 par value, a 10% coupon rate, and semi-annual interest payments. Suppose that 2 years after the initial offerings, the going interest rate had risen to 12%.

(A) At what price would the bonds sell?

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