Bond valuationlong dash

Semiannual

interest$$Find the value of a bond maturing in $4$

$$years$,$ with a $$$$1$ comma $000$

par value and a coupon interest rate of $9$

$\%$

$(4\mathrm{.}5$

$\%$

paid$$ semiannually$)$ if the required return on$$ similar$-$risk bonds is $16$

$\%$

annual interest.

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Part $1$

The present value of the bond is $$$enter your response here

$.$

$($Round to the nearest$$ cent.$)$