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Westco Company issued 16-year bonds one year ago at a coupon rate of 7.2 percent. The bonds make semiannual payments and have a par value

Westco Company issued 16-year bonds one year ago at a coupon rate of 7.2 percent. The bonds make semiannual payments and have a par value of $1,000. If the YTM on these bonds is 5.5 percent, what is the current price of the bond in dollars?

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