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The international publishing group is raising $10 million by issuing 15 year bonds with a coupon rate of 10.4%. Coupon payments will be made annually.

The international publishing group is raising $10 million by issuing 15 year bonds with a coupon rate of 10.4%. Coupon payments will be made annually. Investors buying the bond today will earn a year to maturity of 10.4%. The face value of each bond is $1000. At what price will the bonds sell in the marketplace

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