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You have just purchased a 1 4 - year, $ 1 , 0 0 0 par value bond. The annual coupon rate on this bond

You have just purchased a 14-year, $1,000 par value bond. The annual coupon rate on this bond is 9.7 percent paid each 6 months. If you expected to earn the market rate of 12.8 as return on this bond, how much did you pay for it?

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