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(Related to Checkpoint 9.3) (Bond valuation) Calculate the value of a bond that matures in 11 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 11 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 16 percent. The value of the bond is 3 (Round to the nearest cent.)

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