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Nesmith Corporation's outstanding bonds have a $ 1 , 0 0 0 par value, a 1 0 % semiannual coupon, 7 years to maturity, and

Nesmith Corporation's outstanding bonds have a $

1, 000

par value, a

10 %

semiannual coupon,

7

years to maturity, and an

10.5 %

YTM

.

What is the bond's price? Round your answer to the nearest cent.

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