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3. A coupon bond that pays interest annually, has a par value of $1,000, matures in 5 years, and has a yield to maturity of

3. A coupon bond that pays interest annually, has a par value of $1,000, matures in 5 years, and has a yield to maturity of 12% and if the coupon rate is 12%. The intrinsic value of the bond today will be

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