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Question 4 ( 5 points ) You learned that XYZ , Inc. has a bond with $ 1 , 0 0 0 face value. The

Question 4(5 points)
You learned that XYZ, Inc. has a bond with $1,000 face value. The bond carries a 7% coupon, paid semiannually, and matures in 9 years.
What is the fair market value of the bond if the yield to maturity is only 7%?
(Round your answer to the nearest hundredth; two decimal places)
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