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XYZ Inc. has a bond with the following characteristics: Par: $ 1 , 0 0 0 Time to maturity: 8 year Coupon Rate: 4 %

XYZ Inc. has a bond with the following characteristics:

Par: $

1, 000

Time to maturity:

8

year

Coupon Rate:

4 %,

semi

-

annual payments

Yield to maturity:

6 %

Calculate the price of the bond.

(

Enter a positive value and round to

2

decimals

)

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