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Problem Walk - Through Madsen Motors's bonds have 1 3 years remaining to maturity. Interest is paid annually, they have a $ 1 , 0

Problem Walk

-

Through

Madsen Motors's bonds have

13

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

1, 000

par value, the coupon interest rate is

7 %,

and the yield to maturity is

9 % .

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

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