Diamond Corporation is planning a bond issue with an escalating coupon rate. The annual coupon rate will be 4.2% for the

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answerhappygod
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Diamond Corporation is planning a bond issue with an escalating coupon rate. The annual coupon rate will be 4.2% for the

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Diamond Corporation is planning a bond issue with an escalating
coupon rate. The annual coupon rate will be 4.2% for the first 5
years, 5.2% for the subsequent 3 years, and 6.2% for the final 4
years. If bonds of this risk are yielding 6.8%, estimate the bond's
current price. Face value of the bond is
$1,000. (Round your answer to the nearest
cent.)
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