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Assume that a 15-year, $1,000 face value bond pays interest at the coupon rate of 15%. Interest is paid QUARTERLY. If the yield to maturity

Assume that a 15-year, $1,000 face value bond pays interest at the coupon rate of 15%. Interest is paid QUARTERLY. If the yield to maturity on this bond is 12 percent, calculate the present value of the bond.

$821.92

$1,207.57

$986.43

$1,120.71

$1,358.24

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