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#38 Assume a par value of $1,000. Caspian Sea plans to issue a 12.00 year, annual pay bond that has a coupon rate of 7.89%.

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#38 Assume a par value of $1,000. Caspian Sea plans to issue a 12.00 year, annual pay bond that has a coupon rate of 7.89%. If the yield to maturity for the bond is 8.20%, what will the price of the bond be? Submit Answer format: Currency: Round to: 2 decimal places

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