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Thirty - year B - rated bonds of Parker Optical Company were initially issued at a 1 4 percent yield and 1 2 percent coupon.

Thirty-year B-rated bonds of Parker Optical Company were initially issued at a 14percent yield and 12percent coupon. After 12years the bonds have been upgraded to Aa2.Such bonds are currently yielding 12percent to maturity. Use Table 16-2.
Determine the price of the bonds with 25years remaining to maturity.

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