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Shelly Inc. bonds have a 10% coupon rate. The interest is paid semiannually, and the bonds mature in 8 years. Their par value is $1,000.

Shelly Inc. bonds have a 10% coupon rate. The interest is paid semiannually, and the bonds mature in 8 years. Their par value is $1,000. If your required rate of return is 8%, what is the value of the bond?

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