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A bond has a par value of $1,000, pays a semiannual coupon at a rate of 3% and matures in 13 years. Under some financial

A bond has a par value of $1,000, pays a semiannual coupon at a rate of 3% and matures in 13 years. Under some financial hardships, management has stated that it will not be able to pay its next coupon payment (which is scheduled 6 months from today), but all other coupon payments will be made as scheduled. If the YTM is 8%, what would the price of the bond be?

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