A bond has a coupon rate of 92 percent and 6 years until, Ask an Expert

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A bond has a coupon rate of 9.2 percent and 6 years until maturity. If the yield to maturity is 8.5 percent, what is the price of the bond? (Do not round intermediate calculations. Round your answer to 2 decimal places. Omit the "$" sign in your response.) SHOW ALL WORK.

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