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Knight, Inc., has issued a three-year bond that pays a coupon rate of 7.60 percent. Coupon payments are made semiannually. Given the market rate of

Knight, Inc., has issued a three-year bond that pays a coupon rate of 7.60 percent. Coupon payments are made semiannually. Given the market rate of interest of 4.34 percent, what is the market value of the bond?

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