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 12%. What is the bond's current market price? Round your answer to the nearest cent.

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A bond has a $1,000 par value, 15 years to maturity, and an 8% annual coupon and sells for $1,080.

1. What is its yield to maturity (YTM)? Round your answer to two decimal places.

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2. Assume that the yield to maturity remains constant for the next three years. What will the price be 3 years from today? Do not round intermediate calculations. Round your answer to the nearest cent.

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