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BankMart Inc. recently issued bonds that mature in 8 years. They have a par value of $ 1 , 0 0 0 and an annual

BankMart Inc. recently issued bonds that mature in

8

years. They have a par value of $

1, 000

and an annual coupon of

5 % .

The current market interest rate is

7 % .

What is the bond's value?

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