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You have the opportunity to purchase a 18 -year, $1,000 par value bond that has an annual coupon rate of 7 %. If you require

You have the opportunity to purchase a 18 -year, $1,000 par value bond that has an annual coupon rate of 7 %. If you require a YTM of 8.7 %, how much is the bond worth to you?

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