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Eric calls his broker to inquire about purchasing a bond of disk storage systems. His...

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Finance

Eric calls his broker to inquire about purchasing a bond of disk storage systems. His broker quotes a price of $1150. Eric is concerned that the bond might be overpriced based on the facts involved. The $1000 par value bond pays 15% interest, and it has 20 years remaining until maturity. The current yield to maturity on similar bonds is 13%. Calculate the present value of the bond. (only round your final answer to 2 decimal places)

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