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You are considering the purchase of a $1,000 par value bond with a coupon rate...

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You are considering the purchase of a $1,000 par value bond with a coupon rate of 6.5% (with interest paid semiannually) that matures in 12 years. If the bond is priced to yield 8%, what is the bond's current price? The bond's current price is $ xl. (Round to the nearest cent.)

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