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Bond Valuation with Annual Payments Jackson Corporation's bonds have 5 years remaining to maturity. Interest is paid annually, the bonds have a $ 1 ,

Bond Valuation with Annual Payments

Jackson Corporation's bonds have

5

years remaining to maturity. Interest is paid annually, the bonds have a $

1, 000

par value, and the coupon interest rate is

11 % .

The bonds have a yield to maturity of

7 % .

What is the current market price of these bonds? Round your answer to the nearest cent.

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