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A 1 4 - year bond was issued with a $ 1 , 0 0 0 par value and a yield to maturity of 9

14 -

year bond was issued with a $

1, 000

par value and a yield to maturity of

9 % .

If similar bonds are currently yielding

12 %,

what is the approximate market value of the bond?

1233

299

801

1, 000

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