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Bond valuationQuarterly interestCalculate the value of a $1,000-par-value bond paying quarterly interest at an annual coupon interest rate of 11% and having 14 years until

Bond valuationQuarterly interestCalculate the value of a $1,000-par-value bond paying quarterly interest at an annual coupon interest rate of 11% and having 14 years until maturity if the required return on similar-risk bonds is currently a 11% annual rate paid quarterly.

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

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