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Suppose a company issues a bond with a par value of $ 1 , 0 0 0 , with 2 0 years to maturity, and

Suppose a company issues a bond with a par value of $1,000, with 20 years to maturity, and a coupon rate of 7 percent. If the yield to maturity is 8 percent, what is the current price of the bond?

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