Bonds pay an annual coupon rate

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Pet food Company bonds pay an annual coupon rate of 8.10 %. Coupon payments are paid semi annually. Bonds have 5 years to maturity and par value of $1,000. Compute the value of Pet Food Company bonds if the market interest rate on this type of bond is 11.85%.

Round answer two decimal places.

Reference no: EM13813366

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