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# A bond that matures in 16 years has a par value of $1,000 and a 4.0% coupon rate. The coupon is paid in two semiannual payments. Market rates on...

A bond that matures in 16 years has a par value of $1,000 and a 4.0% coupon rate. The coupon is paid in two semiannual payments. Market rates on bonds of similar risk and maturity are now 7%. The bond should sell for:

$842

$714

$807

$764