Question
4B2 Fresh Water, Inc. sold an issue of 14-year $1,000 par value bonds to the public. The bonds have a 9.04 percent coupon rate and
4B2
Fresh Water, Inc. sold an issue of 14-year $1,000 par value bonds to the public. The bonds have a 9.04 percent coupon rate and pay interest annually. The current market rate of interest on the Fresh Water, Inc. bonds is 10.58 percent. What is the current market price of the bonds?
Round the answer to two decimal places.
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Investment Analysis And Portfolio Management
Authors: Frank K. Reilly, Peggy L. Hedges, Philip Chang, Keith C. Brown, Hedges Reilly Brown
1st Canadian Edition
0176500693, 978-0176500696
