Fourteen years ago, Cass Industries issued 30 year 6% annual coupon bonds with a $1,000 face value and with semiannual coupon payments.

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Fourteen years ago, Cass Industries issued 30 year 6% annual coupon bonds with a $1,000 face value and with semiannual coupon payments. Since then, interest rates in general have declined and the yield to maturity on the Cass bonds is now 5 %. Given this information, what would be the price today for a Cass Industries bond?

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