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Find the value of a bond maturing in 7 years, with a $1 comma 000 par value and a coupon interest rate of 9 %

Find the value of a bond maturing in 7 years, with a $1 comma 000 par value and a coupon interest rate of 9 % (4.5 % paid semiannually) if the required return on similar-risk bonds is 16 % annual interest left parenthesis 8 % paid semiannually).

The present value of the bond is:

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