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A 10% Target bond with annual coupon payments and a $1,000 par value has 12 years to maturity. If investors in this bond require a

A 10% Target bond with annual coupon payments and a $1,000 par value has 12 years to maturity. If investors in this bond require a 6% annual rate of return, what is the market value of this bond? (Note that the rate preceding the firm name is the annual coupon rate.)

(Round your answer to the nearest cent.)

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