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A 30 year bond pays interest semiannually, has par value of $1,000, a coupon rate of 3.2% and has 29 years until maturity. Bonds of

A 30 year bond pays interest semiannually, has par value of $1,000, a coupon rate of 3.2% and has 29 years until maturity. Bonds of competitors with similar risk are discounted at a market rate of 7%. what is the intrinsic price of the bond?

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