1.
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 8%; and the yield to maturity is 6%. What is the bond's current market price? Round your answer to the nearest cent.
2.
A bond has a $1,000 par value, 12 years to maturity, and a 9% annual coupon and sells for $1,110.
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