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Cliff Corp. has $1,000 face value bonds outstanding with 8 years to maturity. The bonds have a coupon rate of 7% and make semi-annual coupon

Cliff Corp. has $1,000 face value bonds outstanding with 8 years to maturity. The bonds have a coupon rate of 7% and make semi-annual coupon payments. Bonds of similar risk have a yield to maturity of 6.6%. What is the value of a Cliff Corp. bond?

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