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What is the price of a 4-year bond with a 7% annual coupon rate and face value of $1,000? The bond is trading at a

What is the price of a 4-year bond with a 7% annual coupon rate and face value of $1,000? The bond is trading at a yield of 4%. Coupons are to be paid annually.

Assume annual interest compounding. Round your answer to the nearest cent (2 decimal places).

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