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Calculate the value of a bond that matures in 17 years and has a $1,000...

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Finance

Calculate the value of a bond that matures in 17 years and has a $1,000 par value. The annual coupon interest rate is 16 percent and the market's required yield to maturity on a comparable-risk bond is 15 percent. What is the value of the bond? (Round to the nearest cent.)

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