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Briar Corp is issuing a 10-year bond with a coupon rate of 8 percent. The interest rate for similar bonds is currently 9.52 percent.

Briar Corp is issuing a 10-year bond with a coupon rate of 8 percent. The interest rate for similar bonds is currently 9.52 percent. Assuming annual payments, what is the present value of the bond? (Do not round intermediate computations. Round your final answer to the nearest dollar.)

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