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Daniel Jackson just received a cash gift from his grandfather. He plans to invest in a five - year bond issued by Blossom Corp. that

Daniel Jackson just received a cash gift from his grandfather. He plans to invest in a five-year bond issued by Blossom Corp. that pays an annual coupon rate of 4.0 percent. If the current market rate is 9.50 percent, what is the maximum amount Daniel should be willing to pay for this bond? Assume face value is $1,000.(Round answer to 2 decimal places, e.g.15.25.)

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