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Five years ago, you purchased a $1,000 corporate bond issued by General Electric. The interest rate for the bond was 5 percent. Today comparable bonds

Five years ago, you purchased a $1,000 corporate bond issued by General Electric. The interest rate for the bond was 5 percent. Today comparable bonds are paying 8 percent.

a.
What is the approximate market value in dollars for which you could sell your General Electric bond?(Do not round intermediate calculations. Round your answer to 2 decimal places.)

Approximate market value $

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