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The interest rate is 4.8%. A company wants to sell a one-year, 13.5% coupon, $1000 face amount bond today. There is a 4% chance the

The interest rate is 4.8%.  A company wants to sell a one-year, 13.5% coupon, $1000 face amount bond today.  There is a 4% chance the company will default on its bond and only be able to repay 80% of the $1000 principal amount (and none of the coupon)? What will the bond sell for today? Give your answer in dollars to the nearest penny?

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