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The royalties from sales of the music are used to pay interest and principal on the bonds. The bond was issued with a coupon rate of 6.9% and will mature on this day 28 years from now. The yield on the bond is currently 6.15%. At what price should this bond trade today, assuming a face value of $1,000 and annual coupons? Round to nearest cent
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the price of the bond today = $ 1099.02 (answer)
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