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2) (Bond valuation) Calculate the value of a bond that matures in 18 years and has a $1,000 par value. The annual coupon interest rate

(Bond valuation) Calculate the value of a bond that matures in 18 years and has a $1,000 par value. The annual coupon interest rate is 16 percent and the market's required yield to maturity on a comparable-risk bond is 15 percent.

The value of the bond is:

(Round to the nearest cent.)

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