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Calculate the value of a $1,000-par-value bond paying quarterly interest at an annual coupon interest rate of 8% and having 15 years until maturity if

Calculate the value of a $1,000-par-value bond paying quarterly interest at an annual coupon interest rate of 8% and having 15 years until maturity if the required return on similar-risk bonds is currently a 16% annual rate paid quarterly.

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