Question: ABC has issued a bond with the following characteristics: Par: $1,000; Time to maturity: 16 years; Coupon rate: 5%; Assume annual coupon payments. Calculate the

ABC has issued a bond with the following characteristics: Par: $1,000; Time to maturity: 16 years; Coupon rate: 5%; Assume annual coupon payments. Calculate the price of this bond if the YTM is 5.96%.

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