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Hancock Incorporated issues 20-year bonds, but it pays no coupon. Calculate the price per $1,000 face value of this zero-coupon bond using an interest rate

Hancock Incorporated issues 20-year bonds, but it pays no coupon.

Calculate the price per $1,000 face value of this zero-coupon bond using an interest rate of 5.5%.

Answers should be in dollars to the nearest hundredth (to the nearest cent).

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