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A bond pays coupons annually and has 18 years to maturity. The bond's coupon rate is 7% and yields are 6.85%. What is the bond's

A bond pays coupons annually and has 18 years to maturity. The bond's coupon rate is 7% and yields are 6.85%. What is the bond's coupon payment? (Enter only numbers and decimals in your response. Round to 2 decimal places.)

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