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You are shopping for a Bond to add to your well diversified investment portfolio.You come across anannualbond paying 9.5% for 16 years with a par

You are shopping for a Bond to add to your well diversified investment portfolio.You come across anannualbond paying 9.5% for 16 years with a par value of $1,000.If competitive bond yields in the market are 7.7%, then what is the Fair Market/Present Value of this one?

Answer to the penny,and enter without the $ sign.

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