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9. Problem 7.16 (Bond Valuation) elook You are considering a 25-year $1,000 par value bond. Its coupon rate is 8%, and interest is paid semiannually.

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9. Problem 7.16 (Bond Valuation) elook You are considering a 25-year $1,000 par value bond. Its coupon rate is 8%, and interest is paid semiannually. If you require an effective annual interest rate (not a nominal rate) of 7.122596, how much should you be willing to pay for the bond? Do not round intermediate calculations. Round your answer to the nearest cent

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