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Thirty - year B - rated bonds of Parker Optical Company were initially issued at a 1 8 percent yield and 1 2 percent coupon.

Thirty-year B-rated bonds of Parker Optical Company were initially issued at a 18 percent yield and 12 percent coupon. After 12 years the bonds have been upgraded to Aa2. Such bonds are currently yielding 16 percent to maturity. Use Table 16-2.
Determine the price of the bonds with 25 years remaining to maturity.
Price of the bonds: $
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