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An investor purchases a 8 - year, $ 1 , 0 0 0 par value bond that pays semiannual interest of $ 4 5 .

An investor purchases a

8 -

year, $

1, 000

par value bond that pays semiannual interest of $

45 .

If the semiannual market rate of interest is

6 %,

what is the current market value of the bond?

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