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Tom has a $ 1 0 0 0 par value bond with a 7 % coupon rate, semi - annual interest payments, and 1 5

Tom has a $

1000

par value bond with a

7 %

coupon rate, semi

-

annual interest payments, and

15

years to maturity. If the yield to maturity on similar risk bonds is

5.5 %,

what is the value of the bond?

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