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Fresh Food, Inc. sold an issue of 18-year $1,000 par value bonds to the public. The bonds have a 9.78 percent coupon rate and pay interest annually.

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Fresh Food, Inc. sold an issue of 18-year $1,000 par value bonds to

the public. The bonds have a 9.78 percent coupon rate and pay interest annually. The current market rate of interest on the Fresh Food, Inc. bonds is 8.83 percent. What is the current market price of the bonds?

 
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