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 Calculate the value of a bond that matures in 15 years and has a $1,000 par...

 Calculate the value of a bond that matures in 15 years and has a $1,000 par value. The annual coupon interest rate is 11 percent and the​ market's required yield to maturity on a​ comparable-risk bond is 8 percent.

The value of the bond is ​$_____. ​ (Round to the nearest​ cent.)

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