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J&J Manufacturing just issued a bond with $1,000 face value and 4.5% coupon, paid semiannually. If the bond has a 30 year life and the

J&J Manufacturing just issued a bond with $1,000 face value and 4.5% coupon, paid semiannually. If the bond has a 30 year life and the yield to maturity is 4%, what is the market value of the bond?

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