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Paul owns a 20-year U.S. Treasury bond that he bought 4 years ago. The bond has a par value of $1,000 and a coupon rate

Paul owns a 20-year U.S. Treasury bond that he bought 4 years ago. The bond has a par value of

$1,000 and a coupon rate of 6 percent. Interest is paid semi-annually. The bonds yield-to-maturity

is 8 percent. What is the current price of the bond?

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