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Assume the zero-coupon yields on default-free securities are as summarized in the following table: begin{tabular}{ccccc} Maturity & 1 year & 2 years & 3 years
Assume the zero-coupon yields on default-free securities are as summarized in the following table: \begin{tabular}{ccccc} Maturity & 1 year & 2 years & 3 years \\ \hline Zero-Coupon Yields & 4.40% & 5.00% & 5.60% & 5.30% \end{tabular} What is the price of a five-year, zero-coupon default-free security with a face value of $1,000? The price is $. (Round to the nearest cent.)
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