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A bond has a par value of 1,000 and a coupon interest rate of 10%. This bond has a life of 12 years. Calculate the

A bond has a par value of 1,000 and a coupon interest rate of 10%. This bond has a life of 12 years.

Calculate the price of this bond when the current market interest rate is 8%.

Step-by-step work would be greatly appreciated! Thank you.

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