Question: A $1,000 par value, 25-year bond is five years old. It pays interest once a year at an annually compounded coupon rate of 13%. The

A $1,000 par value, 25-year bond is five years old. It pays interest once a year at an annually compounded coupon rate of 13%. The market is returning 9% on comparable bonds. What is the bonds market price? Round your answer to the nearest cent.

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