Question: CLI has a $1,000 par value, 30-year bond that was issued 20 years ago at an annual coupon rate of 8%, paid semiannually. Market rates

CLI has a $1,000 par value, 30-year bond that was issued 20 years ago at an annual coupon rate of 8%, paid semiannually. Market rates on similar bonds are 7%. Calculate the bond's price.

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