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Problem 7-1 A bond that pays 7% interest compounded annually on a $1,000 face value will mature in 22 years. The interest rate is now

Problem 7-1

A bond that pays 7% interest compounded annually on a $1,000 face value will mature in 22 years. The interest rate is now 9%. What should the bonds market price be? Do not round intermediate calculations. Round PVFA and PVF values in intermediate calculations to four decimal places. Round your answer to the nearest cent.

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