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Callaghan Motors' bonds have 1 4 years remaining to maturity. Interest is paid annually, they have a $ 1 , 0 0 0 par value,

Callaghan Motors' bonds have

14

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

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