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Pet Food Company bonds pay an annual coupon rate of 12.44 percent. Coupon payments are paid semiannually. Bonds have 7 years to maturity and par

Pet Food Company bonds pay an annual coupon rate of 12.44 percent. Coupon payments are paid semiannually. Bonds have 7 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 bond is 8.16 percent.

Round the answer to two decimal places.

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