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Find the value of a bond maturing in 12 years, with a $1,000 par value and a coupon interest rate of 11% (5.5 paid semiannually)

Find the value of a bond maturing in 12 years, with a $1,000 par value and a coupon interest rate of 11% (5.5 paid semiannually) if required return on similar-risk bonds is 14% annual interest (7% paid semiannually)

The present value of the bond is $_________________ round to the nearest cent.

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