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GM's bonds have 23 years remaining to maturity. Interest is paid annually, they have a $1,000 par value, the coupon rate is 9%, and the

GM's bonds have 23 years remaining to maturity. Interest is paid annually, they have a $1,000 par value, the coupon rate is 9%, and the yield to maturity is 11%. What is the bond's current market price?

  1. $859.48

  2. $834.67

  3. $959.48

  4. 657.42

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