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Madsen Motors's bonds have 2 3 years remaining to maturity. Interest ( coupon ) is paid annually; they have a $ 1 , 0 0

Madsen Motors's bonds have

23

years remaining to maturity. Interest

(

coupon

)

is paid annually; they have a $

1, 000

par value; the coupon interest rate is

9 %

; and the yield to maturity is

5.4 % .

What is the bond's current market price?

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