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problem 7.01 1. Problem 7.01 (Bond Valuation) eBook Problem Walk-Through Madsen Motors's bonds have 19 years remaining to maturity. Interest is paid annually; they have

problem 7.01
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1. Problem 7.01 (Bond Valuation) eBook Problem Walk-Through Madsen Motors's bonds have 19 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest rate is 12%; and the yield to maturity is 7%. What is the bond's current market price? Round your answer to the nearest cent. $

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