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(Bond valuation)Calculate the value of a bond that matures in 18 years and has a $ 1000 par value. The annual coupon interest rate is
(Bond valuation)Calculate the value of a bond that matures in 18 years and has a $ 1000 par value. The annual coupon interest rate is 13 percent and the market's required yield to maturity on a comparable-risk bond is 12 percent. The value of the bond is $ . (Round to the nearest cent.)
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