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You are considering investing in an 7% coupon rate bond with a three-year maturity and a face value of $1000. You observe the following yield

  1. You are considering investing in an 7% coupon rate bond with a three-year maturity and a face value of $1000. You observe the following yield curve for discount, or zero-coupon, bonds:

Maturity

Yield to Maturity

1

9.6%

2

7.9%

3

10.7%

What is the price of the bond?

(please round your answer to the nearest penny)

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