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Please explain in detail and type or write as neatly as possible. Thanks. 3. Ted's Co. offers a zero coupon bond with an 11.3% yield

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Please explain in detail and type or write as neatly as possible. Thanks.

3. Ted's Co. offers a zero coupon bond with an 11.3% yield to maturity. The bond matures in 18 years. What is the current price of a $1,000 face value bond? (Do not round intermediate calculations and round your final answer to 2 decimal places. )

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