Attempts $$ Keep the Highest $/1$

$5.$ Problem $13-07$

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Problem $13-07$

Fifteen years ago your grandfather purchased for you a $20-$year $$1,000$ bond with a coupon rate of $9$ percent. You now wish to sell the bond and read that yields are $8$ percent. What price should you receive for the bond? Assume that the bond pays interest annually. Use Appendix B and Appendix D to answer the question. Round your answer to the nearest dollar.

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