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Madsen Motors's bonds have 13 years remaining to maturity. Interest is paid annually; they have a...

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 11%; and the yield to maturity is 5%. What is the bond's current market price? Round your answer to the nearest cent.

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Current market price is 1563.61 or 1564

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