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Twenty-five-year B-rated bonds of Parker Optical Company were initially issued at a 12 percent yield and 12 percent coupon. After 12 years the bonds have

image text in transcribed Twenty-five-year B-rated bonds of Parker Optical Company were initially issued at a 12 percent yield and 12 percent coupon. After 12 years the bonds have been upgraded to Aa2. Such bonds are currently yielding 10 percent to maturity. Use Determine the price of the bonds with 1 years remaining to maturity

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