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(Related to Checkpoint 9.3) (Bond valuation) Calculate the value of a bond that matures in 16 years and has a $1,000 par value. The annual

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(Related to Checkpoint 9.3) (Bond valuation) Calculate the value of a bond that matures in 16 years and has a \$1,000 par value. The annual coupon interest rate is 11 percent and the market's required yield to maturity on a comparable-risk bond is 13 percent The value of the bond is s (Round to the nearest cent)

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