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The current market rate of interest on the fresh water inc

Fresh Water Inc sold an issue of 11-year $1000 par value bonds to the public. the bonds have a 11.98 percent coupon rate and pay interest annually. The current market rate of interest on the Fresh Water, Inc. bonds is 8.47 percent. What is the current market price of the bonds?

Round the answer to two decimal places.

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Finance Basics: The current market rate of interest on the fresh water inc

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