Question: What is the most we should pay for a bond with a par value of $1000, coupon rate of 5% paid annually, and a remaining

What is the most we should pay for a bond with a par value of $1000, coupon rate of 5% paid annually, and a remaining life of 14 years? The yield to maturity is 8%. Assume annual discounting. (Round your answer to the nearest penny.)

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