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Find the value of a bond maturing in 8 years, with a $1,000 par value and a coupon interest rate of 12% (6% paid semiannually)

Find the value of a bond maturing in 8 years, with a $1,000 par value and a coupon interest rate of 12% (6%

paid semiannually) if the required return on similar-risk bonds is 16% annual interest (8% paid semiannually).The present value of the bond is _____?

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