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Calculate the value of a $5,000-par-value bond paying quarterly interest at an annual coupon interest rate of 12% and having 13 years until maturity if

Calculate the value of a $5,000-par-value bond paying quarterly interest at an annual coupon interest rate of 12% and having 13 years until maturity if the required return on similar-risk bonds is currently a 11% annual rate.

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

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