The current market rate of interest on the bright sun bonds

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Reference no: EM13919787

Bright Sun, Inc. sold an issue of 30-year $1,000 par value bonds to the public. The bonds had a 12.68 percent coupon rate and paid interest annually. It is now 14 years later. The current market rate of interest on the Bright Sun bonds is 11.60 percent. What is the current market price (intrinsic value) of the bonds? Round the answer to two decimal places.

Reference no: EM13919787

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