Question: Renfro Rentals has issued bonds that have a 6% coupon rate, payable semiannually. The bonds mature in 16 years, have a face value of $1,000,

Renfro Rentals has issued bonds that have a 6% coupon rate, payable semiannually. The bonds mature in 16 years, have a face value of $1,000, and a yield to maturity of 5.5%. What is the price of the bonds? Round your answer to the nearest cent.

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