When the current market rate for similar risk bonds

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Reference no: EM131501488

Niki wants to know the current price of a $1,000 bond which matures in 8.5 years, with a coupon interest rate of 8.5%, when the current market rate for similar risk bonds is 11.2%. Use your financial calculator and round your answer to the nearest cent ($x, xxx.xx). Show Work.

Reference no: EM131501488

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