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Calculate the value of a bond that matures in 18 years and has a $1,000 par value. The annual coupon interest rate is 8 percent

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Calculate the value of a bond that matures in 18 years and has a $1,000 par value. The annual coupon interest rate is 8 percent and the market's required yield to maturity on a comparable-risk bond is 14 percent. The value of the bond is $ (Round to the nearest cent)

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