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Katie Pairy Fruits Inc. has a $2,300, 24-year bond outstanding with a nominal

yield of 16 percent (coupon equals 16% × $2,300 = $368 per year). Assume that the current market required interest rate on similar bonds is now only 12 percent. calculate your final answer using the formula and financial calculator methods.    

  

a. Compute the current price of the bond

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