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What is the value of a bond that matures in 2 5 years, makes an annual coupon payment of $ 1 2 0 , and

What is the value of a bond that matures in

25

years, makes an annual coupon payment of $

120,

and has a par value of $

1000 ?

Assume a required rate of return of

9 %,

and round your answer to the nearest $

10

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