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What is the price of a 5-year, 8.5% coupon rate, $1,000 face value bond that pays interest annually if the yield to maturity on similar

What is the price of a 5-year, 8.5% coupon rate, $1,000 face value bond that pays interest annually if the yield to maturity on similar bonds is 7.2%?

The price of the bond is $____.

(Round to the nearest cent.)

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