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Suppose a seven-year, $1,000 bond with a 7.9% coupon rate and semiannual coupons is trading with a yield to maturity of 6.44%. - If the

Suppose a seven-year, $1,000 bond with a 7.9% coupon rate and semiannual coupons is trading with a yield to maturity of 6.44%.

- If the yield to maturity of the bond rises to 7.31% (APR with semiannual compounding), what price will the bond trade for? The new price of the bond is $____________. (Round to the nearest cent.)

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