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You are shopping for a Bond to add to your well diversified investment portfolio. You come across an annual bond paying 9.5% for 16 years

You are shopping for a Bond to add to your well diversified investment portfolio. You come across an annual bond 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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