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until maturity Each bond has a face value of $1001]. Due to the recent increase in operating costs. most notably fuel prices. AFA is no

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until maturity Each bond has a face value of $1001]. Due to the recent increase in operating costs. most notably fuel prices. AFA is no longer able to pay the coupon payments on its honds. At a creditors meeting, bond holders agreed to forgive the next 3 interest payments (starting with the payment due one year from today). This means that the next interest payment on the bonds will he made 4 years from today. After that, interest payments will he made annually until maturity. Given the risk of AFA and its recent credit downgrade to BC, the required return on these bonds is now 19.2%. What is the fair i rice of one AFA hond? Enter your answer to the nearest cent

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