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A straight bond has a face value of $ 1 , 0 0 0 , pays interest semiannually and has a 1 0 . 8

A straight bond has a face value of $

1, 000,

pays interest semiannually and has a

10.85

percent coupon. The bond matures in

14

years and has a yield to maturity of

5.6

percent. What is the current price of the bond?

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