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Preston Industries' bonds have 1 0 years remaining to maturity. Interest is paid annually, they have a $ 1 , 0 0 0 par value,

Preston Industries' bonds have

10

years remaining to maturity. Interest is paid annually, they have a $

1, 000

par value, the coupon interest rate is

10 %,

and the yield to maturity is

8 % .

Calculate the bond

s current market price.

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