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As with most bonds, consider a bond with a face value of $1,000. The bond's maturity is 8 years, the coupon rate is 8% paid

As with most bonds, consider a bond with a face value of $1,000. The bond's maturity is 8 years, the coupon rate is 8% paid semiannually, and the market yield (discount rate) is 5%.

What is the estimated value of this bond today?

Enter your answer in dollars, rounded to the nearest cent

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