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

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Calculate the value of a bond that matures in 17 years and has a $1,000 par value. The annual coupon interest rate is 12 percent and the​ market’s required yield to maturity on a​ comparable-risk bond is 9 percent.

The value of the bond is?

 
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