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Smiths Dairy Products bond matures in 8 years, has a par value of $1,000, makes semiannual interest payments, and has a coupon rate of 6.5%.

Smiths Dairy Products bond matures in 8 years, has a par value of $1,000, makes semiannual interest payments, and has a coupon rate of 6.5%. The market requires an interest rate of 8.2% on this bond. What is the bonds price?

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