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Last year, the J Corp sold $40,000,000 worth of 6% coupon, 15-year maturity, $1000 par...

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Accounting

Last year, the J Corp sold $40,000,000 worth of 6% coupon, 15-year maturity, $1000 par value, annual bonds to finance its business expansion. Currently, investors are demanding a yield of 8 % on similar bonds. If you own one of these bonds, how much you expect to receive? (round to $1)

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