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1. BOND VALUATION Madsen Motors's bonds have 6 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest

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BOND VALUATION

Madsen Motors's bonds have 6 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest rate is 8.5%; and the yield to maturity is 13%. What is the bond's current market price? Round your answer to the nearest cent.

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