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Suppose a seven-year, $1,000 bond with an 8.4% coupon rate and semiannual coupons is trading with a yield to maturity of 6.47%. If the yield

Suppose a seven-year, $1,000 bond with an 8.4% coupon rate and semiannual coupons is trading with a yield to maturity of 6.47%.

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____

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