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Calculate the value of a bond that matures in 17 years and has a $1,000 par value. The annual coupon interest rate is 9 percent

Calculate the value of a bond that matures in 17 years and has a $1,000 par value. The annual coupon interest rate is 9 percent and the market's required yield to maturity on a comparable-risk bond is

8 percent.

What is the value of the bond? (Round to nearest cent)

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