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Bond has 12 years remaining to maturity. Interest is paid annually, the bonds have a $1,000 par value and the coupon interest rate is 8%.

Bond has 12 years remaining to maturity. Interest is paid annually, the bonds have a $1,000 par value and the coupon interest rate is 8%. The bonds have a yield to maturity of 9%. What is the current market price of these bonds? (Show how the problem is calculated)

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