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Assume the bond face value is $1,000. You are considering the purchase of a 7%, 15-year bond that pays interest annually. If the yield to

Assume the bond face value is $1,000.

You are considering the purchase of a 7%, 15-year bond that pays interest annually. If the yield to maturity on the bond is 6%, what price will you pay? Round your answer to the nearest cent.

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