Question: 4. Problem 7.01 (Bond Valuation) eBook I Problem Walk-Through Madsen Motors's bonds have 21 years remaining to maturity. Interest is paid annually; they have a

4. Problem 7.01 (Bond Valuation) eBook I Problem Walk-Through Madsen Motors's

4. Problem 7.01 (Bond Valuation) eBook I Problem Walk-Through Madsen Motors's bonds have 21 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 13%. What is the bond's current market price? Round your answer to the nearest cent. $

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