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You have the opportunity to purchase a 2 0 - year, $ 1 , 0 0 0 par value bond that has an annual coupon

You have the opportunity to purchase a 20-year, $1,000 par value bond that has an annual coupon rate of 9%. If you require a YTM of 9.8%, how much is
the bond worth to you?
The price of the bond is $
(Round to the nearest cent.)
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