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Question 1(1 point) What is the value of a bond that has a par value of $1,000, a coupon rate of 7.74 percent (paid annually),

Question 1(1 point)

What is the value of a bond that has a par value of $1,000, a coupon rate of 7.74 percent (paid annually), and that matures in 18 years? Assume a required rate of return on this bond is 8.89 percent.

Round the answer to two decimal places.

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