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Using the modified duration of the 7.0% coupon bond with five years to maturity that is currently selling for par ($1,000) that you calculated in

Using the modified duration of the 7.0% coupon bond with five years to maturity that is currently selling for par ($1,000) that you calculated in the previous question, estimate the new price of the bond assuming that the yield to maturity for the bond falls to 6.80%. Report the new value to the nearest penny.

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