Question: Dene Corp . issued 1 5 - year, noncallable, 7 . 5 % annual coupon bonds at par value $ 1 , 0 0 0

DeneCorp. issued 15-year, noncallable, 7.5% annual coupon bonds at par value $1,000 one year ago. Today, the market interest rate on these bonds is 5.5%. What is the current price of the bonds, given that they now have 14 years to maturity?

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