Question: Rocket Engineering Inc. issued a 20-year bond with face value=par value of $1000 with 7% coupon rate bonds at par three years ago. These bonds

Rocket Engineering Inc. issued a 20-year bond with face value=par value of $1000 with 7% coupon rate bonds at par three years ago. These bonds pay coupon payments every six months. Currently, their YTM declined by 1.4%. What is their current fair market price?

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