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(TCOs 2 and 3) App Co. issued 15-year, $1,000 bonds at a coupon rate of 6 percent

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(TCOs 2 and 3) App Co. issued 15-year, $1,000 bonds at a coupon rate of 6 percent.

The bonds make annual payments. If the YTM on these bonds is 5 percent, what is the current bond price?

 
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