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You have the opportunity to purchase a 22-year, $1,000 par value bond that has an annual coupon rate of 11%. If you require a YTM

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You have the opportunity to purchase a 22-year, $1,000 par value bond that has an annual coupon rate of 11%. If you require a YTM of 8.7%, how much is the bond worth to you? The price of the bond is $. (Round to the nearest cent.)

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