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Lomack Company's bonds have a 8-year maturity, a 11% coupon, paid semiannually, and a par value of $1,000. The market interest rate is 5%, with
Lomack Company's bonds have a 8-year maturity, a 11% coupon, paid semiannually, and a par value of $1,000. The market interest rate is 5%, with semiannual compounding.
What is the bond's value (in $)?
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