First choice Ltd issues a 20-year semi-annual coupon bond with a face value of $1000 and a coupon rate of 8.5%. If the c

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answerhappygod
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First choice Ltd issues a 20-year semi-annual coupon bond with a face value of $1000 and a coupon rate of 8.5%. If the c

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First choice Ltd issues a 20-year semi-annual coupon bond with a
face value of $1000 and a coupon rate of 8.5%. If the current
market rate is 7% (compounded semi-annually), what is the current
price of the bonds?
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