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Suppose you are thinking about buying a 9 year, $1,000 par value bond with a 7% coupon. Interest on this bond is paid annually. If

Suppose you are thinking about buying a 9 year, $1,000 par value bond with a 7% coupon. Interest on this bond is paid annually. If your required rate of return is 11% annually, how much should you pay for the bond? (Round your answer to two decimal point)

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