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A bond pays a 10.2% coupon, semiannually, and has a $1000 par value. Its maturity is 5 years. If your required rate of return is

A bond pays a 10.2% coupon, semiannually, and has a $1000 par value. Its maturity is 5 years. If your required rate of return is 8%, how much would you be willing to pay for the bond?

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