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Bond valuation for XY Industries has outstanding a $1,000 par-value bond with an 8% coupon interest rate. The bond has 12 years remaining to its

Bond valuation for XY Industries has outstanding a $1,000 par-value bond with an 8% coupon interest rate. The bond has 12 years remaining to its maturity date. If interest is paid annually, find the value of the bond when the required return is 7%.

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