One year ago Lerner and Luckmann Co. issued 15-year, noncallable, 9.3% annual coupon bonds at their par value of $1,000.

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answerhappygod
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One year ago Lerner and Luckmann Co. issued 15-year, noncallable, 9.3% annual coupon bonds at their par value of $1,000.

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One year ago Lerner and Luckmann Co. issued 15-year,
noncallable, 9.3% annual coupon bonds at their par value of $1,000.
Today, the market interest rate on these bonds is 5.5%. What is the
current price of the bonds, given that they now have 14 years to
maturity?
Select the correct answer.
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