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You purchased a bond that matures in 15 years. The bond has a face value of $1,000 and a 7.5% annual coupon. Payments are semiannual.

You purchased a bond that matures in 15 years. The bond has a face value of $1,000 and a 7.5% annual coupon. Payments are semiannual. The bond has a current yield of 5.4%. Find the price of the bond.

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