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Marc Corporation recently released zero-coupon bonds with a face value of $1,000. The bond has a duration of 22 years and a yield to maturity

Marc Corporation recently released zero-coupon bonds with a face value of $1,000. The bond has a duration of 22 years and a yield to maturity of 7.78 percent, with annual compounding. What is the present valuation of the bond?

Please provide the answer rounded to two decimal places.

Perform computations utilizing either the Excel software or a dedicated financial calculator.

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