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A bond with 14 years to maturity and a coupon rate of 12% has a par, or face, value of $20,000. Interest is paid annually.

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A bond with 14 years to maturity and a coupon rate of 12% has a par, or face, value of $20,000. Interest is paid annually. If you require a return of 14% on this bond, what is the price of the bond? The value of the bond is $ (Round to the nearest cent.)

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