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Taylor Company has a bond issue of $1000 par value bonds with a 10% annual coupon interest rate. The issue has ten years remaining to

Taylor Company has a bond issue of $1000 par value bonds with a 10% annual coupon interest rate. The issue has ten years remaining to the maturity date. Bonds of similar risk are currently selling to yield 12% rate of return. What is the value of the bond today? (Assume that the bond pays interest only once annually.)

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