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Sunland Corp is issuing a 1 0 - year bond with a coupon rate of 9 percent. The interest rate for similar bonds is currently

Sunland Corp is issuing a

10 -

year bond with a coupon rate of

9

percent. The interest rate for similar bonds is currently

8

percent. Assuming annual payments, what is the value of the bond? Assume face value is

1, 000 .

(

Round answer to

2

decimal place

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