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The Morrissey Company's bonds mature in 7 years, have a par value of $1000 and make an annual coupon payment of $70. The market interest

The Morrissey Company's bonds mature in 7 years, have a par value of $1000 and make an annual coupon payment of $70. The market interest rate for the bonds is 8.5%. What is the bond's price? Show formula and work.

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