Question
Fresh Water, Inc. sold an issue of 5-year $1,000 par value bonds to the public. The bonds have a 11.83 percent coupon rate and pay
Fresh Water, Inc. sold an issue of 5-year $1,000 par value bonds to the public. The bonds have a 11.83 percent coupon rate and pay interest annually. The current market rate of interest on the Fresh Water, Inc. bonds is 12.28 percent. What is the current market price of the bonds?
Round the answer to two decimal places.
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Public Finance In Canada
Authors: Harvey S. Rosen, Wen, Snoddon
4th Canadian Edition
0070071837, 978-0070071834
