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You have the opportunity to purchase a 16 -year, $1,000 par value bond that has an annual coupon rate of 7%. If you require a

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You have the opportunity to purchase a 16 -year, $1,000 par value bond that has an annual coupon rate of 7%. If you require a YTM of 9.4%, how much is the bond worth to you? The price of the bond is $ (Round to the nearest cent.)

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