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Pharoah Corp is issuing a 10 -year bond with a coupon rate of 12 percent. The interest rate for similar bonds is currently 7 percent.

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Pharoah Corp is issuing a 10 -year bond with a coupon rate of 12 percent. The interest rate for similar bonds is currently 7 percent. Assuming annual payments, what is the value of the bond? Assume face value is $1,000. (Round answer to 2 decimal plpces, e 91525 Value of bond

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