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This set of problems is designed to be calculated using the Excel or financial calculator. Do not use financial tables to calculate these problems.

Fresh Water, Inc. sold an issue of 23-year $1,000 par value bonds to the public. The bonds have a 10.64 percent coupon rate and pay interest annually. The current market rate of interest on the Fresh Water, Inc. bonds is 10.91 percent. What is the current market price of the bonds?

Round the answer to two decimal places.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92693406

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