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BOND VALUATION Madsen Motors s bonds have 2 3 years remaining t o maturity. Interest i s paid annually, they have a $ 1 ,

BOND VALUATION Madsen Motors

s

bonds have

23

years remaining

t o

maturity. Interest

i s

paid annually, they have

a

1, 000

par value, the coupon interest rate

i s 9 %,

and the yield

t o

maturity

i s 11 % .

What

i s

the bond

s

current market price?

Please show your work.

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