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1. Problem 7.01 (Bond Valuation) 3 eBook Problem Walk-Through Madsen Motors's bonds have 14 years remaining to maturity. Interest is paid annually, they have a

1. Problem 7.01 (Bond Valuation) 3 eBook Problem Walk-Through Madsen Motors's bonds have 14 years remaining to maturity. Interest is paid annually, they have a $1,000 par value, the coupon interest rate is 9%, and the yield to maturity is 10%. What is the bond's current market price? Round your answer to the nearest cent. $

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