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Pilo just purchased a $1,000 par value bond with a 10 percent annual coupon rate and a life of twenty years. The bond has four

Pilo just purchased a $1,000 par value bond with a 10 percent annual coupon rate and a life of twenty years. The bond has four years remaining until maturity, and the yield to maturity is 12 percent. How much did Julia pay for the bond?

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