Problem 7.01 (Bond Valuation) Question 9 of 1 Check My Work (1 remaining answer to the nearest cent. $

Problem 7.01 (Bond Valuation) eBook Question 9 oflO Ch eck My Work (1 remaining) a Problem Walk-Through Madsen Motors's bonds have 16 years remaining to maturity. Interest is paid annually, they have a $1,000 par value, the coupon interest rate is 8%, and the yield to maturity is 11%. What is the bond's current market price? Round your answer to the nearest cent.