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(Bond valuation) Calculate the value of a bond that matures in 11 years and has a 1000 par value. The annual coupon interest rate is

(Bond valuation) Calculate the value of a bond that matures in 11 years and has a 1000 par value. The annual coupon interest rate is 12 percent and the market's required yield to maturity on a comparable-risk bond is 16 percent.

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