A perpetual bond sells for $1 ,000 and will pay $102 a year forever. The Fed changes its policy and the interest rate changes to 6 percent. The price…

A perpetual bond sells for $1 ,000 and will pay $102 a year forever. The Fed changes its policy and the interest rate changes to 6 percent. The price of the bond is now $___________. (round your answer to the nearest penny)

 
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