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You are interested in buying a corporate bond with a par value of $1,000. The annual coupon rate is 5.9%. It matures in 15 years.

You are interested in buying a corporate bond with a par value of $1,000. The annual coupon rate is 5.9%. It matures in 15 years. The market rate for bonds with similar risk is 6.55%. What is the most you should pay for this bond? (calculate to nearest cent)

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