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a. Mario bought a bond with a face amount of $1,000, a stated interest rate of 8%, and a maturity date 19 years in the

a. Mario bought a bond with a face amount of $1,000, a stated interest rate of 8%, and a maturity date 19 years in the future for $988. The bond pays interest on an annual basis. Three years have gone by and the market interest rate is now 4%. What is the market value of the bond today?

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