Suppose a firm issues 4,000 20-year bonds to the general public on 1/1/2012 with a coupon rate of 12.96% and that the bonds conform to the basic structure of a marketable bond as we've discussed them in class. Assuming the firm would be able to issue new bonds today at a rate of 7.52%, what would be the market value of the firm's outstanding portfolio of bonds in the market today? Recall that today's date is 11/30/2021 and bonds pay interest every six months at the end of each semi-annual period.

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