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A bond with 6 years to maturity and a coupon rate of 16% has a par, or face, value of $19,000. Interest is paid annually.

A bond with 6 years to maturity and a coupon rate of 16% has a par, or face, value of $19,000. Interest is paid annually. If you require a return of 9% on this bond, what is the price of the bond?

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