Finance-Rain Corp is issuing a 10-year bond with a face value of $1 000 with a coupon

| January 31, 2017

Question
Rain Corp is issuing a 10-year bond with a face value of $1 000 with a coupon rate of 7 percent. The interest rate for similar bonds is currently 9 percent, compounded annually. Assuming annual payments, what is the present value of the bond? (Round to the nearest dollar.)

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