Twelve years ago (NPC) issued fifteen year 7.0% semi annual coupon bonds each with a...
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Twelve years ago (NPC) issued fifteen year 7.0% semi annual coupon bonds each with a $1000 face value. Since then, interest rates have generally fallen and the yield to maturity on the NPC bonds is now 5.7%. What is the price today of the NPC bond?
Work by hand no financial calculator
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