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Compute the price of a $1,000 par value, 8 percent (semi-annual payment) coupon bond with 28 years remaining until maturity assuming that the bond's yield

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Compute the price of a $1,000 par value, 8 percent (semi-annual payment) coupon bond with 28 years remaining until maturity assuming that the bond's yield to maturity is 16 percent? (Round your answer to 2 decimal places and record your answer without dollar sign or commas)

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