Market interest rates on similar bonds are 833 percent, Financial Management

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Market interest rates on similar bonds are 833 percent

General Mills has a $1,000 par value, 14-year to maturity bond outstanding with an annual coupon rate of 9.47 percent per year, paid semiannually. Market interest rates on similar bonds are 8.33 percent. Calculate the bond’s price today.

Round the answer to two decimal places.

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Financial Management: Market interest rates on similar bonds are 833 percent

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Financial Management: Market interest rates on similar bonds are 833 percent

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