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The Canton Corporation has a 10%, semiannual, level-coupon, $1,000 bond that matures in eight years. The prevailing effective interest rate is 12% per annum. What

The Canton Corporation has a 10%, semiannual, level-coupon, $1,000 bond that matures in eight years. The prevailing effective interest rate is 12% per annum. What is the maximum price you would pay for this bond? Round your answer to the nearest dollar.

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