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Madsen Motors's bonds have 11 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest rate is 9.5%;

Madsen Motors's bonds have 11 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest rate is 9.5%; and the yield to maturity is 8%. What is the bond's current market price? Round your answer to the nearest cent.

$

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Question

Madsen Motors's bonds have 11 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest rate is 9.5%;

Madsen Motors's bonds have 11 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest rate is 9.5%; and the yield to maturity is 8%. What is the bond's current market price? Round your answer to the nearest cent. $

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Recommended Textbook for

Auditing Cases An Interactive Learning Approach

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Madsen Motors's bonds have 11 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest rate is 9.5%; and the yield to maturity is 8%. What is the bond's current market price? Round your answer to the nearest cent.

$