With celebrity bonds, celebrity raise money by issuing bonds toinvestors. The royalties from sales of music are used to pay interest andprincipal on the bonds. The bond was issued with a coupon rate of 6.5% and willmature on this day 34 years from now. The yield on the bond is currently 6.33%.At what price should this bond trade today assuming face value of $1,000 andannual coupons? The price of the bond today should be? (Round to nearest cent)
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