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Suppose you want to buy a $1,000 par value bond that pays $28 interest each quarter and with a maturity of 9 years from now.

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Suppose you want to buy a $1,000 par value bond that pays $28 interest each quarter and with a maturity of 9 years from now. If you require 8% rate of retum with quarterly compounding, how much should you be willing to pay for this bond? (Round your answer to two decimal point)

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