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2.You have the opportunity to purchase a 30 year, $1,000 par value bond that has an annual coupon rate of 11%. If you require a

2.You have the opportunity to purchase a 30 year, $1,000 par value bond that has an annual coupon rate of 11%. If you require a YTM of 8.8%, how much is the bond worth to you?

The price of the bond is?

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