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Pet Food Company bonds pay an annual coupon rate of 1 0 . 4 9 percent. Coupon payments are paid semiannually. Bonds have 3 years

Pet Food Company bonds pay an annual coupon rate of 10.49 percent. Coupon payments are paid semiannually. Bonds have 3 years to maturity and par value of $1,000. Compute the value of Pet Food Company bonds if the market interest rate on this type of bonds is 10.85 percent. Round answer to two decimal places.

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