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Assume a $1,000 face value bond has a coupon rate of 7.9 percent paid semiannually and has an eight-year life. What is the value of

Assume a $1,000 face value bond has a coupon rate of 7.9 percent paid semiannually and has an eight-year life.

What is the value of the bond if investors wanted an 7.4-percent rate of return? (Round factor value calculations to 5 decimal places, e.g. 0.52755. Round other intermediate calculations to 2 decimal places, e.g. 52.75. Round final answer to nearest dollar amount.)

Bond value $

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