The Chicago Steel Works, Inc., issues $250 million of 10 year step-up bonds to help it finance a plant renovation in Rockford, IL outside Chicago. The issued bonds have the following characteristics: Par = $1000 Current YTM:  4.28% Maturity = 10 years Assigned interest rates (step-ups): Years 1-5:  4.20% Years 6-10:  5.00% If this bond pays semi-annual coupon payments, what is this bond’s current price (NPV)?

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