Question: 1. Problem 7.01 (Bond Valuation) EE eBook B Problem Walk-Through Madsen Motors's bonds have 7 years remaining to maturity. Interest is paid annually, they have

1. Problem 7.01 (Bond Valuation) EE eBook B Problem Walk-Through Madsen

1. Problem 7.01 (Bond Valuation) EE eBook B Problem Walk-Through Madsen Motors's bonds have 7 years remaining to maturity. Interest is paid annually, they have a $1,000 par value, the coupon interest rate is 10%, and the yield to maturity is 11%. What is the bond's current market price? Round your answer to the nearest cent. $

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