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You have the opportunity to purchase a 25-year $1,000 par value bond that has an annual coupon rate of 9%. If you require a YTM

You have the opportunity to purchase a 25-year $1,000 par value bond that has an annual coupon rate of 9%. If you require a YTM of 7.6% how much is the bond worth to you? The price of the bond is $(Round to the nearest cent.)

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