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IBM's bonds have 9 years and 6 months remaining to maturity. Interest is paid semi-annually, with the first coupon payment due 6 months from today.

IBM's bonds have 9 years and 6 months remaining to maturity. Interest is paid semi-annually, with the first coupon payment due 6 months from today. The bonds have a $1000 par value, coupon interest rate of 6% and a yield to maturity of 8%. Find the price of the bond today.

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