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A bond offers a coupon rate of 13%, paid annually, and has a maturity of 16 years. The current market yield is 11%. Face value

A bond offers a coupon rate of 13%, paid annually, and has a maturity of 16 years. The current market yield is 11%. Face value is $1,000. If market conditions remain unchanged, what should the price of the bond be in 1 year?

Enter your answer in dollars, without the dollar sign ('$'), and rounded to the nearest cent (2 decimals).

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