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Ms. Smith bought a $1,000 par value bond that has a coupon rate of 8.5%. The bond has a maturity of 15 years and pays

Ms. Smith bought a $1,000 par value bond that has a coupon rate of 8.5%. The bond has a maturity of 15 years and pays interest annually. What is the bond price if the interest rate (rd) is 10%?

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