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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 12 percent

Calculate the value of a bond that matures in

years and has a

$1,000

par value. The annual coupon interest rate is

percent and the market's required yield to maturity on a comparable-risk bond is

percent.

Question content area bottom

Part 1

The value of the bond is

$enter your response here.

(Round to the nearest cent.)

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