Bright Sun, Inc. sold an issue of 30-year $1,000 par value bonds to the public. The bonds had a 9.82 percent coupon rate and paid interest annually. It is now 10 years later. The current market rate of interest on the Bright Sun bonds is 8.98 percent. What is the current market price (intrinsic value) of the bonds?<\/p>
Round the answer to two decimal places.<\/em><\/p>", "transcribed_text": "", "related_book": { "title": "Managerial Accounting", "isbn": "1259307417, 978-1260153132, 1260153134, 978-1259307416", "edition": "16th edition", "authors": "Ray Garrison, Eric Noreen, Peter Brewer", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/1290.jpg", "uri": "\/textbooks\/managerial-accounting-16th-edition-1290", "see_more_uri": "" }, "free_related_book": { "isbn": "1476741182", "uri": "\/textbooks\/wallbanger-978-1476741185-335299", "name": "Wallbanger", "edition": "" }, "question_posted": "2024-06-06 09:10:56", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/list-the-consequentialist-concerns-that-could-be-given-in-arguing", "description": "List the consequentialist concerns that could be given in arguing about whether the actions proposed in three of the scenarios in Question 6 are justified.", "stars": 3 }, { "url": "\/study-help\/principles-of-auditing-and-other-assurance-services\/the-gillette-company-a-bostonbased-global-manufacturer-and-marketer-of-1414954", "description": "The Gillette Company, a Boston-based global manufacturer and marketer of consumer products, has a \\(\\$ 50\\) billion market capitalization, among the 50 largest in the U.S. Annual sales exceed \\(\\$...", "stars": 3 }, { "url": "\/study-help\/biostatistics\/using-the-body-fat-data-set-determine-the-equation-of-1981276", "description": "Using the Body Fat data set, determine the equation of the least squares regression line for relating percent body fat (PCTBF) to (a) chest circumference (Chest). 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