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Nesmith Corporation's outstanding bonds have a $1,000 par value, an 8% semiannual coupon, 16 years to maturity, and an 11% YTM. What is the bond's

Nesmith Corporation's outstanding bonds have a $1,000 par value, an 8% semiannual coupon, 16 years to maturity, and an 11% YTM. What is the bond's price? Round your answer to the nearest cent.

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