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General Mills has a $1,000 par value, 14-year to maturity bond outstanding with an annual coupon rate of 8.64 percent per year, paid semiannually. Market

General Mills has a $1,000 par value, 14-year to maturity bond outstanding with an annual coupon rate of 8.64 percent per year, paid semiannually. Market interest rates on similar bonds are 12.03 percent. Calculate the bond's price today.

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