Question
Compute the price of a $ 3,997 par value, 15 percent coupon consol, or perpetual bond (i.e., coupon interest payment is a perpetuity), assuming that
Compute the price of a $ 3,997 par value, 15 percent coupon consol, or perpetual bond (i.e., coupon interest payment is a perpetuity), assuming that the yield to maturity on the bond is 9 percent. (Round your answer to 2 decimal places and record without dollar sign or commas).
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Financial accounting
Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas
8th Edition
9780135114933, 136108865, 978-0136108863
