Madison Corporation has a $1,000 par value bond outstanding which pays an annual interest of $70 dollars. The bond matures in 20 years.

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Madison Corporation has a $1,000 par value bond outstanding which pays an annual interest of $70 dollars. The bond matures in 20 years. If the present yield to maturity for this bond is 9%, calculate the current price of the bond. Use annual compounding.

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