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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

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 Table 16-2. Determine the price of the bonds with 15 years remaining to maturity

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