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

Madsen Motors's bonds have

7

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

8 % .

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

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