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Cyberdyne Systems is issuing a series of zero coupon bonds to raise$500 million to fund research and development at its Skynet division. Each bond will

Cyberdyne Systems is issuing a series of zero coupon bonds to raise$500 million to fund research and development at its Skynet division. Each bond will have a face value of $1,000 and will mature in 17 years, The yield on the bond is 3%. What is the fair price for one ofCyberdyne's zero couponbonds? (Round to the nearest cent)

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