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A bond with a face value of $1,000 has a coupon rate of 5% and a remaining maturity of 10 years. The required rate of

A bond with a face value of $1,000 has a coupon rate of 5% and a remaining maturity of 10 years. The required rate of return for similar bonds is 6%. What is the present value of the bond? (Present answer with solution)

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