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Grossnickle Corporation issued 25-year, noncallable, 6.5% annual coupon bonds at their par value of $1,000...

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Finance

Grossnickle Corporation issued 25-year, noncallable, 6.5% annual coupon bonds at their par value of $1,000 one year ago. Today, the market interest rate on these bonds is 4.7%. What is the current price of the bonds, given that they now have 24 years to maturity?

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