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Applebee sold an issue of 1 5 - year, $ 1 , 0 0 0 par value bonds to the public. The coupon rate of

Applebee sold an issue of 15-year, $1,000 par value bonds to the public. The coupon rate of 8.5% is payable semi-annually. It is now three years later and the current required rate of return is 10.5%. What is the current value of the bonds? Round off to the nearest $1.

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