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eBook Problem Walk - Through Madsen Motors's bonds have 2 1 years remaining to maturity. Interest is paid annually, they have a $ 1 ,

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Problem Walk-Through
Madsen Motors's bonds have 21 years remaining to maturity. Interest is paid annually, they have a $1,000 par value, the coupon interest rate is 6%, 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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