Current market price of the bonds

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Reference no: EM13868504

Bright Sun, Inc. sold an issue of 30-year $1,000 par value bonds to the public. The bonds had a 12.12 percent coupon rate and paid interest annually. It is now 12 years later. The current market rate of interest on the Bright Sun bonds is 12.03 percent. What is the current market price (intrinsic value) of the bonds?

Round the answer to two decimal places. (Please show work)

Reference no: EM13868504

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