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Nesmith Corporation's outstanding bonds have a $ 1 , 0 0 0 par value, a 7 % semiannual coupon, 6 years to maturity, and an

Nesmith Corporation's outstanding bonds have a $

1, 000

par value, a

7 %

semiannual coupon,

6

years to maturity, and an

11 %

YTM

.

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

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