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7.1 Madsen Motors's bonds have 9 years remaining to maturity. Interest is paid annually, they have a $1,000 par value, the coupon interest rate is

7.1

Madsen Motors's bonds have 9 years remaining to maturity. Interest is paid annually, they have a $1,000 par value, the coupon interest rate is 11%, 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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