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Madsen Motors's bonds have 1 7 years remaining to maturity. Interest is paid annually, they have a $ 1 , 0 0 0 par value,

Madsen Motors's bonds have

17

years remaining to maturity. Interest is paid annually, they have a $

1, 000

par value, the coupon interest rate is

11 %,

and the yield to maturity is

12 % .

What is the bond's current market price? Round your answer to the nearest cent.

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