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With celebrity​ bonds, celebrities raise money by issuing bonds to investors. The royalties from sales of...

With celebrity​ bonds, celebrities raise money by issuing bonds to investors. The royalties from sales of the music are used to pay interest and principal on the bonds. In April of​ 2009, EMI announced that it intended to securitize its back catalogue with the help of the Bank of Scotland. The bond was issued with a coupon rate of 6.5% and will mature on this day 37 years from now. The yield on the bond issue is currently 6.4%. At what price should this bond trade​ today, assuming a face value of ​$1,000 and annual​ coupons? The price of the bond today should be ​$_______. ​(Round to the nearest​ cent.)

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