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Part 1

(Related to Checkpoint 9.3) (Bond valuation)Calculate the value of a bond that matures in

14

years and has a

$1,000

par value. The annual coupon interest rate is

12

percent and the market's required yield to maturity on a comparable-risk bond is

14

percent.

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Part 1

The value of the bond is

$enter your response here.

(Round to the nearest cent.)