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TKMAX is planning to use debt sources to raise their funds and recently sold a...

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Finance

TKMAX is planning to use debt sources to raise their funds and recently sold a bond of 20- years. The face value of the bond is $1,000 and the coupon rate is 5%. It is now five years later, and the current market rate of interest is 4%. What is the current market price (intrinsic value) of the bonds? Round off to the nearest $1?

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