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(Bond valuation) Calculate the value of a bond that will mature in 17 years and has a $1,000 face value. The annual coupon interest rate

(Bond valuation) Calculate the value of a bond that will mature in 17 years and has a $1,000 face value. The annual coupon interest rate is 16 percent, and the investor's required rate of return is 12 percent.

The value of the bond is $_____. (Round to the nearest cent.)

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