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Thirty-year B-rated bonds of Parker Optical Company were initially issued at a 14 percent yield. After 5 years the bonds have been upgraded to Aa2.

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Thirty-year B-rated bonds of Parker Optical Company were initially issued at a 14 percent yield. After 5 years the bonds have been upgraded to Aa2. Such bonds are currently yielding 12 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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