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Greshak Corp wishes to float a bond that pays interest at a rate of 5.75% semi-annually. The par value of the bond is $1,000 and

Greshak Corp wishes to float a bond that pays interest at a rate of 5.75% semi-annually. The par value of the bond is $1,000 and its term is fourteen years. If the current yield to maturity (i.e. the current market discount rate) of that bond is 6.25%, what is the current fair market value of that bond?

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