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Bank of America has a 6 % , annual coupon bond that will mature in 1 7 years. The interest rate for bonds like this

Bank of America has a

6 %,

annual coupon bond that will mature in

17

years. The interest rate for bonds like this is currently

5.7 % .

Assuming the par value is $

1, 000,

what is the current price of this bond?

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