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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

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 is16 percent and the market's required yield to maturity on a comparable-risk bond is 13 percent.

The value of the bond is $ . (Round to the nearest cent)

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