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Ashton Incorporated bonds have a stated coupon rate of 9% and pay interest on an semi-annual basis. They mature in 14 years and have a

Ashton Incorporated bonds have a stated coupon rate of 9% and pay interest on an semi-annual basis. They mature in 14 years and have a par value of $1,000. The market rate of interest is 11%. What is the value of Ashton bonds? (round to the nearest dollar).

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