Question
BOND VALUATION Madsen Motors's bonds have 22 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest rate
BOND VALUATION
Madsen Motors's bonds have 22 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest rate is 6%; and the yield to maturity is 9%. What is the bond's current market price? Round your answer to the nearest cent.
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Financial Modeling
Authors: Simon Benninga
4th Edition
0262027283, 9780262027281
