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A bond has the following features: Coupon rate of interest (paid annually): 5 percent Principal: $1,000 Term to maturity: 12 years If the current rate

A bond has the following features:

Coupon rate of interest (paid annually): 5 percent

Principal: $1,000

Term to maturity: 12 years

If the current rate of interest on comparable debt is 8 percent, what should be the price of this bond? Assume that the bond pays interest annually. Round your answer to the nearest dollar.

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