Question: A bond with face value $1,000 has a current yield of 6.5% and a coupon rate of 8.5%. a. If interest is paid annually, what

A bond with face value $1,000 has a current yield of 6.5% and a coupon rate of 8.5%.

a.If interest is paid annually, what is the bond's price?(Do not round intermediate calculations. Round your answer to 2 decimal places.)

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