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A bond with 11 years to maturity and a coupon rate of 14% has a par, or face, value of $21,000. Interest is paid annually.

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A bond with 11 years to maturity and a coupon rate of 14% has a par, or face, value of $21,000. Interest is paid annually. If you require a return of 6% on this bond, what is the value of this bond to you? The value of the bond Round to the nearest cent)

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