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9-3: Bond Valuation Bond valuation Callaghan Motors' bonds have 8 years remaining to maturity. Interest is paid annually, they have a $1,000 par value, the

9-3: Bond Valuation

Bond valuation

Callaghan Motors' bonds have 8 years remaining to maturity. Interest is paid annually, they have a $1,000 par value, the coupon interest rate is 7.5%, and the yield to maturity is 5%.

What is the bond's current market price? Round your answer to the nearest cent.

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