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Calculate the value of a bond that matures in 14 years and has a $1,000 par value. The annual coupon interest rate is 11 percent

Calculate the value of a bond that matures in 14 years and has a $1,000 par value. The annual coupon interest rate is 11 percent and the market's required yield to maturity on a comparable-risk bond is 8 percent.

The value of the bond is

$enter your response here.

(Round to the nearest cent.)

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