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You learned that XYZ, Inc. has a bond with $1,000 face value. The bond carries a 9% coupon, paid semiannually, and matures in 15 years.

You learned that XYZ, Inc. has a bond with $1,000 face value. The bond carries a 9% coupon, paid semiannually, and matures in 15 years. What is the fair market value of the bond if the yield to maturity is only 7%? (Round your answer to the nearest hundredth; two decimal places)

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