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A corporation has bonds outstanding that mature in 16 years. The bonds have a 4% coupon rate, make semiannual coupon payments, and have a $1,000

A corporation has bonds outstanding that mature in 16 years. The bonds have a 4% coupon rate, make semiannual coupon payments, and have a $1,000 par value. If the YTM on the bonds is 5%, what is the current dollar price of a single bond

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