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Pharoah, Inc., has issued a three-year bond that pays a coupon rate of 9.4 percent. Coupon payments are made semiannually. Given the market rate of

Pharoah, Inc., has issued a three-year bond that pays a coupon rate of 9.4 percent. Coupon payments are made semiannually. Given the market rate of interest of 4.4 percent, what is the market value of the bond? (Round answer to 2 decimal places, e.g. 15.25.)

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