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A corporate bond has 22 years to maturity, a face value of $1,000, a coupon rate of 5% and pays interest semiannually. The annual market

A corporate bond has 22 years to maturity, a face value of $1,000, a coupon rate of 5% and pays interest semiannually. The annual market interest rate for similar bonds is 3%.

What is the price of the bond?

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