Two years ago, you bought a fifteen year bond at its face value of $1,000. The coupon rate on this bond is 9%, payable annually.

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Two years ago, you bought a fifteen year bond at its face value of $1,000. The coupon rate on this bond is 9%, payable annually. Today (just after receiving the second annual coupon payment), the current yield on the bond is 7.5%. What is the value of the bond today?

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