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GM has a $1000 par value, 12 year bond outstanding with an annual coupon rate of 3.60 percent per year, paid semi -annually. Market interest

GM has a $1000 par value, 12 year bond outstanding with an annual coupon rate of 3.60 percent per year, paid semi -annually. Market interest rates on similar bonds are 12.70 percent.

Calculate the bond's price today.

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