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A $1,000 corporate bond has a 9.5% coupon rate. Since issuance, interest rates have fallen for comparable bonds to 7%. What would be the market

A $1,000 corporate bond has a 9.5% coupon rate. Since issuance, interest rates have fallen for comparable bonds to 7%. What would be the market value of the bond now that interest rates have fallen (i.e. what would you have to pay for this bond today in order to achieve the same yield)?

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