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Bond valuationQuarterly interest Calculate the value of a $1,000-par-value bond paying quarterly interest at an annual coupon interest rate of 9% and having 14 years

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Bond valuationQuarterly interest Calculate the value of a $1,000-par-value bond paying quarterly interest at an annual coupon interest rate of 9% and having 14 years until maturity if the required return on similar-risk bonds is currently a 12% annual rate paid quarterly. The present value of the bond is $ . (Round to the nearest cent.)

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