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KCs bond has 10 years remaining to maturity. Interests are paid annually, the bond has a par value of R1,000 and coupon interest rate of

KCs bond has 10 years remaining to maturity. Interests are paid annually, the bond has a par value of R1,000 and coupon interest rate of 8 percent. The bond has yield to maturity of 9 percent.

Required: Determine the current market price of these bonds.

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