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Ford Motor Co. has BB rated bonds outstanding that mature in 16 years, and have a 7.625% coupon rate. Coupon payments are made semi-annually. If

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Ford Motor Co. has BB rated bonds outstanding that mature in 16 years, and have a 7.625% coupon rate. Coupon payments are made semi-annually. If the appropriate required rate of return for this bond is 8.75, what is the value of the bond? (Express your answer to the nearest cent. i.e one thousand dollors would be entered as 1000,00)

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