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Sun Tans Co. has 11 percent coupon bonds on the market that has 5 years left to maturity. Face value of the bond is $1,000.

Sun Tans Co. has 11 percent coupon bonds on the market that has 5 years left to maturity. Face value of the bond is $1,000. The bonds make annual coupon payments. If the YTM on these bonds is 9%, what is the current bond price?

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