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Mark has a Treasury bond with a par value of $20,000 and a coupon rate of 5%. The bond has 19 years to maturity. Mark

Mark has a Treasury bond with a par value of $20,000 and a coupon rate of 5%. The bond has 19 years to maturity. Mark needs to sell the bond and new bonds are currently carrying coupon rates of 7%. At what price should Mark sell the bond?

The price Mark should sell the bond at is? (Round to the nearest cent.)

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