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A $1,000 par value bond is currently selling in the marketplace. It had an original maturity of 25 years and was sold 13 years ago.

A $1,000 par value bond is currently selling in the marketplace. It had an original maturity of 25 years and was sold 13 years ago. Its coupon rate is 7% and you are to determine its current price, given bonds of comparable risk have a yield to maturity of 8.1%.

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