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XYZ Corp. has issued a $1,000 par value, 20-year bond at a coupon rate of 7.65% and XYZ Corp. pays annual interest payments. The yield

XYZ Corp. has issued a $1,000 par value, 20-year bond at a coupon rate of 7.65% and XYZ Corp. pays annual interest payments. The yield to maturities on similar bonds are 6.85%, compounded annually.

What is the current bond price?

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