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The yield to maturity of a $1,000 bond with a 7.2% coupon rate, semiannual coupons, and two years to maturity is 8.9% APR, compounded semiannually.

The yield to maturity of a

$1,000

bond with a

7.2%

coupon rate, semiannual coupons, and two years to maturity is

8.9%

APR, compounded semiannually. What is its price?

The price of the bond is what ?

(Round to the nearest cent.)

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