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You are engaged by a CPA firm to help audit the financial statements of one of its clients, GTE Corporation. GTE is the holder of

You are engaged by a CPA firm to help audit the financial statements of one of its clients, GTE Corporation. GTE is the holder of a bond issued by AT&T, which will mature in 12 years, with a par value of $1,000, and an annual coupon rate of 8%. If the market prevailing interest rate is 9% on the bonds in the same category, what is the approximate value price of the bond?

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