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John Wood, Inc. has recently issued zero-coupon bonds at a par value of $1,000. The aforementioned bond possesses an 8-year term to maturity, alongside a

John Wood, Inc. has recently issued zero-coupon bonds at a par value of $1,000. The aforementioned bond possesses an 8-year term to maturity, alongside a semi-annual compounded yield to maturity of 12.02 percent. May I inquire about the prevailing market value of the bond?

Please approximate the answer to two decimal places.

Perform calculations utilizing Excel or a financial calculator.

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