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Aurand, Inc. has outstanding bonds with an 8 % annual coupon rate paid semiannually.The bonds have a par value of$ 1 , 0 0 0

Aurand, Inc. has outstanding bonds with an

8 %

annual coupon rate

paid semiannually.The bonds have a par value of$

1, 000,

annual yield

to maturity is

9 %,

and will mature in

14

years. Calculate the

current market price of the bond.

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