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Colette Incorporated bonds have a stated coupon rate of 8% and pay interest on an annual basis. They mature in 15 years and have a

Colette Incorporated bonds have a stated coupon rate of 8% and pay interest on an annual basis. They mature in 15 years and have a par value of $1,000. The market rate of interest on similar debt is 16%. The value of Colette bonds is (round to the nearest dollar).

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