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Sear's bonds mature in 7 years, have a face value of $1,000 and make an annual coupon interest payment of $40. The market requires an

Sear's bonds mature in 7 years, have a face value of $1,000 and make an annual coupon interest payment of $40. The market requires an interest rate of 7% on these bonds. What is the current market price of the bond?

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