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A bond was issued 3 years ago. When it was issued, it had a maturity of 14 years. The bond promises annual payments of $70

A bond was issued 3 years ago. When it was issued, it had a maturity of 14 years. The bond promises annual payments of $70 as well as the return of the $1000 principal at maturity. The current interest rate on bonds of the same risk is 5.3%. How much is this bond worth right now?

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