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You are considering buying bonds in ACBB, Inc. The bonds have a par value of $1,000 and mature in 15 years. The annual coupon rate is 13.0% and the coupon payments are annual. If you believe that the appropriate discount rate for the bonds is 18.0%, what is the value of the bonds to you?

$864.56

$745.42

$1,323.12

$1,474.34

$810.95