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The Generally Accepted Company (GAC) issued a 9% bond that is to mature in 15 years. The bond had a $1,000 par value, and interest

The Generally Accepted Company (GAC) issued a 9% bond that is to mature in 15 years. The bond had a $1,000 par value, and interest is due to be paid annually. If your required rate of return (yield to maturity) is 11%, what price would you be willing to pay for the bond?

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