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Provide the calculation for determining the present value of a bond with the following characteristics: a par value of $1,000, a coupon rate of 8.29

Provide the calculation for determining the present value of a bond with the following characteristics: a par value of $1,000, a coupon rate of 8.29 percent (paid annually), and a maturity period of 22 years. Consider an essential rate of return of 8.82 percent for this bond.

Please ensure that the answer is rounded to two decimal places.

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