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26. Bond valuation. A $1,000 par value bond with an annual 12 percent coupon rate will mature in 15 years. Coupon payments are made semiannually.

26. Bond valuation. A $1,000 par value bond with an annual 12 percent coupon rate will mature in 15 years. Coupon payments are made semiannually. What is the market price if the required annual market rate is 10 percent? (Hint: see Appendix G.)

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