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Madsen Motors's bonds have 15 years remaining to maturity. Interest is paid annually: they have a $1,000 par value; the coupon interest rate is 11.5%;

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Madsen Motors's bonds have 15 years remaining to maturity. Interest is paid annually: they have a $1,000 par value; the coupon interest rate is 11.5%; 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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