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The book value of ABM Corp. debt is $ 5 0 0 M . It was obtained by issuing 3 0 - year maturity, 6

The book value of ABM Corp. debt is $

500

.

It was obtained by issuing

30 -

year maturity,

6.3 %

coupon bonds

6

years ago. Currently, the same risk bonds pay

6 % .

What is the market value of ABM Corp. debt?

The correct Answer is $

519

,

please tell me the calculation.

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