Question: Problem 7-3 Bond valuation Nesmith Corporation's outstanding bonds have a $1,000 par value, a 9% semiannual coupon, 10 years to maturity, and an 10.5% YTM.

Problem 7-3 Bond valuation

Nesmith Corporation's outstanding bonds have a $1,000 par value, a 9% semiannual coupon, 10 years to maturity, and an 10.5% YTM. What is the bond's price? Round your answer to the nearest cent.

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