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7-1 BOND VALUATION Callaghan Motorss bonds have 10 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest

7-1 BOND VALUATION Callaghan Motorss bonds have 10 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest rate is 8%; and the yield to maturity is 9%. What is the bonds current market price?

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