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K (Related to Checkpoint 9.3) (Bond valuation) Calculate the value of a bond that matures in 15 years and has a $1,000 par value.

K (Related to Checkpoint 9.3) (Bond valuation) Calculate the value of a bond that matures in 15 years and has a $1,000 par value. The annual coupon interest rate is 13 percent and the market's required yield to maturity on a comparable-risk bond is 14 percent. ... The value of the bond is $. (Round to the nearest cent.)

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