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A bond that matures in 9 years has a $1,000par value. The annual coupon interest rate is 12 percent and the market's required yield to

A bond that matures in 9 years has a $1,000par value. The annual coupon interest rate is 12 percent and the market's required yield to maturity on a comparable-risk bond is 16 percent.

What would be the value of this bond if it paid interest annually? What would be the value of this bond if it paid interest semiannually?

a.The value of this bond if it paid interest annually would be $_____(Round to the nearest cent.)

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