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You are considering the purchase of a $1,000 par value bond with a coupon rate of 4% (with interest paid semiannually) that matures in 12

You are considering the purchase of a $1,000 par value bond with a coupon rate of 4% (with interest paid semiannually) that matures in 12 years. If the bond is priced to yield 9%, what is the bond's current price?

The bond's current price is $ . (Round to the nearest cent.)

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