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A GM and a Ford bond both have 4 years to maturity, a $1,000 par value, a BB rating and pay interest semiannually. GM has

A GM and a Ford bond both have 4 years to maturity, a $1,000 par value, a BB rating and pay interest semiannually. GM has a coupon rate of 6.6%, while Ford has a coupon rate of 5.7%.

What should be the price of the Ford bond (in $)?

0+ decimal answer

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