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Madison Corporation has a $1000 par value bond outstanding paying interest of 7%. The bond matures in 20 years. If the present yield to maturity

Madison Corporation has a $1000 par value bond outstanding paying interest of 7%. The bond matures in 20 years. If the present yield to maturity for this bond is 8%, calculate the current price of the bond. The coupon (interest) payments are paid semi-annually.

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