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35 Grossnickle Corporation issued 15-year, noncallable, 9.8% annual coupon bonds at their par value of $1,000 one year ago. Today, the market interest rate on
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Grossnickle Corporation issued 15-year, noncallable, 9.8% annual coupon bonds at their par value of $1,000 one year ago. Today, the market interest rate on these bonds is 7.8%. What is the current price of the bonds, given that they now have 14 years to maturity? a. $1,166.82 b. $1,179.31 c. $1,230.58 d. $1,239.54 e. $1,173.30
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