What is the current market price of bonds

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Bright Sun, Inc. sold an issue of 30-year $1,000 par value bonds to the public. The bonds had a 11.75 percent coupon rate and pain interest annually. It is now 7 years later. The current market rate of interest on the Bright Sun bonds is 10.18 percent. What is the current market price (intrinsic value) of the bonds? Round number to two decimal places. Please show your work.

Reference no: EM131178073

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