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A (zero-coupon) bond promises to pay $1,000 in 24 months. The bank quotes you an interest rate of 18% per annum, compounded monthly. What is

A (zero-coupon) bond promises to pay $1,000 in 24 months. The bank quotes you an interest rate of 18% per annum, compounded monthly. What is the bond's price today?

(Hint: In & zero-coupon bond, the investor will receive face value of the bond on the maturity of the bond. In this example, the face value is $1,000 and the maturity is 24 months from now (that is two years from now).)

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