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You are looking to purchase a bond with 26 years maturity, 6.5% coupon rate, annual coupons, and $100 face value trading at a yield to

  1. You are looking to purchase a bond with 26 years maturity, 6.5% coupon rate, annual coupons, and $100 face value trading at a yield to maturity of 5.1%. What is the price of the bond?

(please round your answer to the nearest penny)

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