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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 7 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 7 years. What is the fair market value of the bond if the yield to maturity is only 7%

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