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Madsen Motors's bonds have 1 6 years remaining to maturity. Interest is paid annually; they have a $ 1 , 0 0 0 par value;

Madsen Motors's bonds have 16 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest rate is 7.5%; and the yield to maturity is
5%. What is the bond's current market price? Round your answer to the nearest cent.
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