Question
Fresh Water, Inc. sold an issue of 25-year $1,000 par value bonds to the public. The bonds have a 7.16 percent coupon rate and pay
Fresh Water, Inc. sold an issue of 25-year $1,000 par value bonds to the public. The bonds have a 7.16 percent coupon rate and pay interest annually. The current market rate of interest on the Fresh Water, Inc. bonds is 8.47 percent. What is the current market price of the bonds? Round the answer to two decimal places.
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To calculate the current market price of the bonds we can use the present value formula fo...
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Foundations of Financial Management
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta
10th Canadian edition
1259261018, 1259261015, 978-1259024979
