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Assume a $1,000 face value bond has a coupon rate of 8.4 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 8.4 percent paid semiannually and has an eight-year life.

What is the value of the bond if investors wanted an 7.9-percent rate of return? (Round final answer to nearest dollar amount.)

Bond value

$Type your answer here

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