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7-1. Bond valuation Callaghan Motors' bonds have 22 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest

7-1. Bond valuation Callaghan Motors' bonds have 22 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest rate is 6%; and the yield to maturity is 5%. What is the bond's current market price? Round your answer to two decimal places.

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