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Bond valuation Semiannual interest Find the value of a bond maturing in 5 years, with a $1,000 par value and a coupon interest rate of

Bond valuationSemiannual interest

Find the value of a bond maturing in 5 years, with a $1,000 par value and a coupon interest rate of 9% (4.5% paid semiannually) if the required return on similar-risk bonds is 12% annual interest (6% paid semiannually).

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

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