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Problem 7-1 Bond valuation Callaghan Motors' bonds have 18 years remaining to maturity. Interest is paid annually, they have a $1,000 par value, the coupon

Problem 7-1 Bond valuation

Callaghan Motors' bonds have 18 years remaining to maturity. Interest is paid annually, they have a $1,000 par value, the coupon interest rate is 11.5%, 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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