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A 10-year, 7%, $100,000 bond is sold by Richardson Incorporated. The bond pays interest semi-annually. The market rate of interest for comparable bonds is 6%.

A 10-year, 7%, $100,000 bond is sold by Richardson Incorporated. The bond pays interest semi-annually. The market rate of interest for comparable bonds is 6%. At what price does the bond sell? Round to 2 decimal places

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